Bank of Africa (U) Limited v Ram Engineering and Others (Civil Suit 470 of 2020)
Observed later treatment
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Holding
The court held that the 1st Defendant was in breach of the invoice discounting credit facility agreement for failing to repay UGX 200,000,000 plus accrued interest despite multiple extensions. The 2nd, 3rd and 4th Defendants, having executed personal guarantees, were jointly and severally liable to repay the outstanding loan balance. The 1st Defendant's counterclaim that the Plaintiff over-credited its account with over UGX 600,000,000 was dismissed for lack of evidence. Judgment was entered for UGX 310,825,717 in special damages, UGX 50,000,000 in general damages, contractual interest at 26% per annum on special damages from 2 March 2020, and interest at 13% per annum on general damages from judgment date.
Outcome
Judgment entered in favour of the Plaintiff against the Defendants jointly and severally for recovery of debt with interest and costs
Facts
On 5 October 2017, Bank of Africa (U) Limited advanced an invoice discounting credit facility of UGX 200,000,000 to Ram Engineering (U) Limited, secured by personal guarantees from the 2nd and 3rd Defendants (the company's directors). The facility was disbursed in tranches: UGX 129,500,000 on 6 October 2017 and UGX 70,500,000 on 27 October 2017, both repayable within 90 days at 26% per annum interest. The 1st Defendant defaulted repeatedly, necessitating multiple extensions through addenda dated 17 January 2018 and 23 May 2018. Additional advances totalling UGX 199,987,362 were made in 2018, secured by fresh guarantees from the 2nd and 3rd Defendants and a guarantee from the 4th Defendant in January 2019. Despite multiple extensions, the 1st Defendant made no payments after mid-2018. As of 2 March 2020, the outstanding balance with accrued interest was UGX 310,825,717. The 1st Defendant counterclaimed that the Plaintiff inflated its indebtedness to over UGX 600,000,000, damaging its credit reputation, but adduced no evidence at trial.
Issues
- Whether the Defendants are in breach of the contract for the credit facility advanced to them in form of invoice discounting by the Plaintiff.
- Whether the 2nd, 3rd and 4th Defendants are personally liable as guarantors of the 1st Defendant.
- Whether the Plaintiff is liable for over crediting the 1st Defendant's financial status with the amount it did not borrow.
- What reliefs are available to the parties.
Orders
- The Defendants shall pay the sum of UGX 310,825,717 in special damages to the Plaintiff.
- The Defendants shall pay interest on the special damages at the rate of 26% per annum from 2nd March 2020 until full payment.
- The Defendants shall pay the sum of UGX 50,000,000 in general damages to the Plaintiff.
- The Defendants shall pay interest on the general damages at the rate of 13% per annum from the date of judgment until full payment.
- Costs of the suit are awarded to the Plaintiff.
Rules and key headnotes
Legislation cited (6)
Cases cited (9)
- Miller v Minister of Pensions [1947] 2 All ER 372
- William Kasozi v DFCU Bank Ltd (High Court Civil Suit No. 1326 of 2000)
- Kabagambe Matthias v Kahire Nobert (High Court Civil Suit No. 389 of 2016)
- Alice Norah Mukasa v Centenary Bank Ltd and Another (High Court Civil Suit No. 77 of 2010)
- Oyoo v Olanya (High Court Civil Appeal No. 5 of 2017)
- Stanbic Bank (U) Ltd v Hajji Yahaya Sekalega (High Court Civil Suit No. 185 of 2009)
- Opia Moses v Chukia Lumago Roselyn and 5 Others (High Court Civil Suit No. 22 of 2013)
- Mohanlal Kakubhai Radia v Warid Telecom Uganda Ltd (High Court Civil Suit No. 224 of 2011)
- Kwizera Eddie v Attorney General (Supreme Court Constitutional Appeal No. 1 of 2008)
Cases citing this judgment (1)
How later Ugandan judgments in the Wakilii corpus have cited this case. Treatment labels come from Sequitur — Uganda’s citator — each backed by a verbatim span from the citing judgment, and are not an assertion that this case is, or is not, good law.
Full judgment
The original judgment as reported. Read the original PDF before relying on any passage.