Row Over Former UCB Employees Pension Funds
Sep 29, 2003
TRUSTEES of the former Uganda Commercial Bank (UCB) Employees Trust Fund will not have access to over sh1.5bn until the court decides on who is entitled to the money.
By Hillary Nsambu
TRUSTEES of the former Uganda Commercial Bank (UCB) Employees Trust Fund will not have access to over sh1.5bn until the court decides on who is entitled to the money.
This follows a claim by 833 ex-employees of UCB, who left employment at different times, but prior to December 31, 1994, that they were entitled to the money as interest due to them. The money, which amounts to sh1,544,207,082 is also being claimed by those still in employment of the former UCB, which was recently bought by Stanbic Bank of South Africa.
J. Matovu and Augustine Ssemakula, the ex-employees’ lawyers, last week claimed to the Commercial Court, the Centre for Arbitration and Dispute Resolution presided over by ex-chief justice Samuel Wambuzi and the deputy chief Seth Manyindo awarded the funds to their clients as interest.
However, the court heard that the trustees have since refused to disburse the money to their clients, who received just a return of what they had contributed to the Fund during their employment.
Ends
TRUSTEES of the former Uganda Commercial Bank (UCB) Employees Trust Fund will not have access to over sh1.5bn until the court decides on who is entitled to the money.
This follows a claim by 833 ex-employees of UCB, who left employment at different times, but prior to December 31, 1994, that they were entitled to the money as interest due to them. The money, which amounts to sh1,544,207,082 is also being claimed by those still in employment of the former UCB, which was recently bought by Stanbic Bank of South Africa.
J. Matovu and Augustine Ssemakula, the ex-employees’ lawyers, last week claimed to the Commercial Court, the Centre for Arbitration and Dispute Resolution presided over by ex-chief justice Samuel Wambuzi and the deputy chief Seth Manyindo awarded the funds to their clients as interest.
However, the court heard that the trustees have since refused to disburse the money to their clients, who received just a return of what they had contributed to the Fund during their employment.
Ends