Court wants UCB documents
Jun 29, 2004
THE Commercial Court has directed lawyers representing Standard Bank Investment Corporation and Stanbic Bank Uganda Limited to produce a sale agreement
By Hillary Nsambu
THE Commercial Court has directed lawyers representing Standard Bank Investment Corporation and Stanbic Bank Uganda Limited to produce a sale agreement of the former Uganda Commercial Bank (UCB) building.
This followed submissions on Monday by lawyers representing the MPs opposed to the sale of the building that they would be obliged to reconsider their suit, if they saw the sale agreement.
This was during an application by the MPs for an injunction restraining the two banks from selling the property, pending the disposal of their suit.
MPs Issa Kikungwe, Elijah Okupa, Charles Byaruhanga, Salaamu Musumba and Nathan Mafabi Nandala sued Standard Bank Investment Corporation Limited, a South African bank and Stanbic Bank Uganda Limited, arguing that the UCB tower on Plot 12 Kampala Road is not part of the assets and properties purchased by the two foreign banks.
THE Commercial Court has directed lawyers representing Standard Bank Investment Corporation and Stanbic Bank Uganda Limited to produce a sale agreement of the former Uganda Commercial Bank (UCB) building.
This followed submissions on Monday by lawyers representing the MPs opposed to the sale of the building that they would be obliged to reconsider their suit, if they saw the sale agreement.
This was during an application by the MPs for an injunction restraining the two banks from selling the property, pending the disposal of their suit.
MPs Issa Kikungwe, Elijah Okupa, Charles Byaruhanga, Salaamu Musumba and Nathan Mafabi Nandala sued Standard Bank Investment Corporation Limited, a South African bank and Stanbic Bank Uganda Limited, arguing that the UCB tower on Plot 12 Kampala Road is not part of the assets and properties purchased by the two foreign banks.