Eastern Agricultural Development Company Ltd and Sheila Alumo v Yunus Social Business Foundation Uganda Ltd (Civil Suit No. 833 of 2025; Miscellaneous Application No. 1722 of 2025)
Observed later treatment
No later-treatment classification is recorded for this judgment.
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Holding
Held that where there is a triable issue as to the legality and enforceability of contractual interest provisions in a loan agreement, the defendant is entitled to unconditional leave to defend that aspect of the claim. However, judgment may be entered for the undisputed principal sum. General damages and Bank of Uganda interest rate claims are not proper under summary procedure and were expunged from the summary suit.
Outcome
Summary judgment entered for principal amount; leave granted to defend interest claim; matter to proceed to full trial on interest issues
Facts
On 15 February 2021, the parties executed a credit facility agreement whereby the respondent agreed to advance the 1st applicant UGX 462,500,000 at 9% per annum compound interest for scaling up operations. The loan was repayable over 5 years with minimum annual repayment of 50% of principal and 100% of interest. Late or missed payments attracted additional penalty interest of 4% per annum compounded monthly. The respondent advanced UGX 435,000,000, of which the 1st applicant paid UGX 50,000,000, leaving an outstanding balance of UGX 385,000,000 principal and UGX 104,702,524 as interest and penalties. The respondent filed a summary suit to recover these sums. The applicants filed this application seeking unconditional leave to defend, arguing that the interest, penalty, and compound interest provisions were illegal and unenforceable. The applicants did not dispute the principal amount.
Issues
- Whether the applicants ought to be granted unconditional leave to defend Civil Suit No. 833 of 2025.
Orders
- Judgment entered for the respondent/plaintiff for the decretal amount of UGX 385,000,000 being the principal loan amount under Civil Suit No. 833 of 2025.
- The applicants are granted unconditional leave to appear and defend the claim for interest stipulated under the agreement.
- The applicants to file their Written Statement of Defence within 15 days of this ruling.
- If the plaintiff intends to file a reply to the Written Statement of Defence, then it should be within 7 days from the date of the defence.
- Costs of the application awarded to the respondent.
Rules and key headnotes
Legislation cited (6)
Cases cited (4)
- Maluku Interglobal Trade Agency v Bank of Uganda [1985] HCB 65
- Board of Governors Nebbi Town S.S.S v Jaker Food Stores Limited (Miscellaneous Civil Application No. 0062 of 2016)
- Visare Uganda Limited v Muwema and Co. Advocates and Solicitors (Miscellaneous Application Nos. 0826 and 0827 of 2023)
- Sterling Travel and Tour Services Ltd v Millennium Travel Tours Services Ltd (HCMA No. 116 of 2013)
Full judgment
The original judgment as reported. Read the original PDF before relying on any passage.