Stanbic to pay Atabya Agencies
Dec 09, 2004
COURT has ruled that Stanbic Bank pays over sh1b to Atabya Agencies Limited it guaranteed for the former Uganda Commercial Bank Limited (UCBL).
By Hillary Nsambu
COURT has ruled that Stanbic Bank pays over sh1b to Atabya Agencies Limited it guaranteed for the former Uganda Commercial Bank Limited (UCBL).
The court upheld the ruling of Justice Geoffrey Kiryabwire of the Commercial Court, who on May 5, 2004, ordered the bank to pay the money.
The bank stood surety for UCBL in favour of Atabya Agencies Limited.
The bank had appealed against the High Court decision compelling it to pay the money as a guarantor.
Justice Amos Twinomujuni ruled that the trial judge was justified to order Stanbic Bank to pay the money with further interest and costs, which it had become liable to pay as surety of the UCBL.
Ends
COURT has ruled that Stanbic Bank pays over sh1b to Atabya Agencies Limited it guaranteed for the former Uganda Commercial Bank Limited (UCBL).
The court upheld the ruling of Justice Geoffrey Kiryabwire of the Commercial Court, who on May 5, 2004, ordered the bank to pay the money.
The bank stood surety for UCBL in favour of Atabya Agencies Limited.
The bank had appealed against the High Court decision compelling it to pay the money as a guarantor.
Justice Amos Twinomujuni ruled that the trial judge was justified to order Stanbic Bank to pay the money with further interest and costs, which it had become liable to pay as surety of the UCBL.
Ends