Banamukozi Holdings Limited v Credo Link Agencies Uganda Limited & Wagaba Godfrey Kikonyogo (Civil Suit 954 of 2023)
Observed later treatment
No later-treatment classification is recorded for this judgment.
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Holding
Held that the defendants breached a loan facility agreement by defaulting on repayment obligations totalling UGX 50,000,000 principal plus interest. The plaintiff proved its claim for UGX 75,000,000 being principal and accrued interest. General damages of UGX 5,000,000 awarded for inconvenience caused by breach. Interest awarded at 20% per annum on the principal sum from date of filing until full payment, and 6% per annum on general damages from date of judgment. Costs awarded to plaintiff.
Outcome
Judgment entered for plaintiff with orders for payment of principal sum, general damages, interest, and costs
Facts
The plaintiff entered into two loan facility agreements with the first defendant: UGX 20,000,000 on 22 June 2022 at 7% monthly interest, and UGX 30,000,000 on 16 November 2022, totalling UGX 50,000,000 disbursed. The agreements provided for a penalty of UGX 200,000 per month or 20,000 per day in case of default. The second defendant acted as guarantor and pledged a postdated cheque for UGX 20,000,000 drawn on Centenary Bank Account No. 3100020278 and his national ID as partial security. The cheque was dishonoured for lack of funds. The defendants defaulted on their loan repayment obligations. The plaintiff claimed UGX 75,000,000 being the principal and interest at the time of filing. Summons were served but defendants failed to file a defence. Interlocutory judgment was entered and matter proceeded for formal proof.
Issues
- Whether the Defendants are in breach of Contract?
- Whether remedies are available to the Plaintiff?
Orders
- Defendant to pay UGX 75,000,000.
- General damages of UGX 5,000,000 granted to the Plaintiff.
- Interest of 20% per annum on UGX 75,000,000 from the date of filing the suit until payment in full.
- Interest granted on general damages at the rate of 6% per annum from the date of judgment until payment in full.
- Costs of the suit awarded to the Plaintiff.
Rules and key headnotes
Legislation cited (1)
Cases cited (7)
- Nakana Trading Co. Ltd v Coffee Marketing Board (Civil Suit No. 137 of 1991)
- Roko Construction Company v Attorney General (High Court Civil Suit No. 517 of 2008)
- Bank of Uganda v Fred Masaba and 5 Others (Supreme Court Civil Appeal No. 3 of 1998)
- ESSO Petroleum Co. Ltd v Mardan [1976] 2 All ER
- Robinson v Harman [1848] Exch 850
- Surgipharm Uganda v Anatoli Batabane (Civil Appeal No. 11 of 2020)
- Uganda Development Bank v Muganga Construction Co. Ltd (1981) HCB 35
Full judgment
The original judgment as reported. Read the original PDF before relying on any passage.