UCB Towers to be attached over sh2b
Apr 12, 2005
ASSETS of former Uganda Commercial Bank (UCBL) including the main complex will be attached unless over sh2b is paid to former employees.
By Hillary Nsambu
ASSETS of former Uganda Commercial Bank (UCBL) including the main complex will be attached unless over sh2b is paid to former employees.
The former employees are seeking payment of sh2.9b as arrears on terminal benefits and interest of sh97.7m.
Augustine Ssemakula, the lawyer for the former employees, has written to the Registrar of Companies urging him to ensure that within 14 days from April 4, his clients are paid.
“If within 14 days from April 14 you will not have ensured that our clients are fully paid, and you have properly de-registered UCBL, we shall attach all properties of the bank illegally transferred to Stanbic Bank and other companies,†the letter said.
Referring to the High Court ruling of last year, Ssemakula said UCBL was still an entity liable to paying debts. It was ruled that the former employees obtained a judgment against the bank in June last year before Stanbic Bank took over.
The Registrar of Companies struck off UCBL under general notice No. 18 of 2004, published in the Uganda Gazette on January 30, 2004, placing it under Stanbic Bank.
Ssemakula said the Registrar of Companies could not have de-registered UCBL before he ensured that all its debts were paid.
Ssemakula also argues that, “Since the High Court ruling nullified your purported de-registration of UCBL, the bank still exists and the transfer of its properties to Stanbic Bank and other companies is illegal.â€
Recently, Karim Hirji bought UCB Towers.
Ends
ASSETS of former Uganda Commercial Bank (UCBL) including the main complex will be attached unless over sh2b is paid to former employees.
The former employees are seeking payment of sh2.9b as arrears on terminal benefits and interest of sh97.7m.
Augustine Ssemakula, the lawyer for the former employees, has written to the Registrar of Companies urging him to ensure that within 14 days from April 4, his clients are paid.
“If within 14 days from April 14 you will not have ensured that our clients are fully paid, and you have properly de-registered UCBL, we shall attach all properties of the bank illegally transferred to Stanbic Bank and other companies,†the letter said.
Referring to the High Court ruling of last year, Ssemakula said UCBL was still an entity liable to paying debts. It was ruled that the former employees obtained a judgment against the bank in June last year before Stanbic Bank took over.
The Registrar of Companies struck off UCBL under general notice No. 18 of 2004, published in the Uganda Gazette on January 30, 2004, placing it under Stanbic Bank.
Ssemakula said the Registrar of Companies could not have de-registered UCBL before he ensured that all its debts were paid.
Ssemakula also argues that, “Since the High Court ruling nullified your purported de-registration of UCBL, the bank still exists and the transfer of its properties to Stanbic Bank and other companies is illegal.â€
Recently, Karim Hirji bought UCB Towers.
Ends