Eastern Agricultural Development Company Ltd and Sheila Alumo v Yunus Social Business Foundation Uganda Ltd [2025] UGCOMMC 517
Observed later treatment
No later-treatment classification is recorded for this judgment.
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Holding
The court granted partial summary judgment for the principal loan amount of UGX 385,000,000 but allowed the defendants unconditional leave to defend the claim for contractual interest, finding that the enforceability of the interest provisions raised a triable issue. The court expunged prayers for general damages and Bank of Uganda rate interest as improper under summary procedure.
Outcome
Partial summary judgment entered for principal amount; defendants granted leave to defend interest claim; matter to proceed to trial on interest issue
Facts
On 15 February 2021, the respondent extended a credit facility of UGX 462,500,000 to the first applicant for scaling up operations, secured by a floating debenture. The loan carried 9% per annum compound interest, repayable over 5 years with minimum annual repayment of 50% of principal and 100% of interest. Late payments attracted additional penalty interest of 4% per annum compounded monthly. The respondent advanced UGX 435,000,000, of which the applicants repaid UGX 50,000,000 in March and May 2022. The respondent filed a summary suit claiming UGX 385,000,000 principal and UGX 104,702,524 in interest and penalties as at 24 March 2025, plus general damages and Bank of Uganda rate interest. The applicants sought unconditional leave to defend, arguing the interest and penalty provisions were illegal and unenforceable, and that general damages and Bank of Uganda rate interest were improper under summary procedure.
Issues
- Whether the applicants ought to be granted unconditional leave to defend HCCS 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 are 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, it should be within 7 days from the date of the defence.
- The costs of the application are awarded to the respondent.
- Prayers for general damages and interest at Bank of Uganda rate expunged from the summary suit.
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.