Katto Ordered To Pay Sh1.2b To ICB

MOTOR rally ace Emma Katto has been ordered by the Commercial Court to pay over sh1.2b to the International Credit Bank (ICB), now in liquidation, reports Isaac Kiyingi and Sylvia Mpawulo. The fine arose from Katto's company, Transemka Uganda Limited's failure to pay an overdraft of over sh1.2b. The Registrar of the Commercial Court, Asaph Ntengy, passed the judgement last Tuesday at the Commercial Court. The International Credit Bank through Masembe and Mugerwa and Company Advocates filed a suit claiming recovery of sh1,241,618,910b. The bank claimed Thomas Katto operated a bank account with the International Credit Bank account N0. 5070 which he over drew by over sh750m before its closure on September 17, 1998. The Katto family owned the bank. The claim showed that the amount accumulated to sh1,241,618,910, as a result of interest on the loan from September 17, 1998. Transemka was served with the summons to appear and defend the claim on June 18, 2001. But the company failed to turn up in court for the defence and the judgment was passed in favour of ICB. Ends