Farm Uganda Farmers Group Limited and 2 Others v Stanvic Bank of Uganda Limited (Miscellaneous Application 777 of 2023)
Observed later treatment
No later-treatment classification is recorded for this judgment.
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Holding
The court held that the applicants failed to establish a triable defence to the bank's summary suit for loan recovery. The dispute over the amount owed was unsupported by evidence. The applicants' claim that a third party's debt to them affected their ability to repay the loan did not constitute a defence, as the third party was not part of the loan agreement and the bank had no knowledge of or involvement in that separate transaction. The applicants were denied leave to defend and judgment was entered against them for the principal sum plus interest and costs.
Outcome
Application dismissed; judgment entered against applicants for the claimed debt plus interest and costs
Facts
On 11 December 2021, Stanbic Bank advanced a loan facility of UGX 500,000,000 to Farm Uganda Farmers Group Ltd for working capital. The second and third applicants executed personal guarantees. The applicants serviced the loan to the tune of UGX 263,072,329, leaving a disputed balance. The applicants claimed their ability to pay was constrained by delayed payments from a third party, M/s Blue Cup Company Ltd, which owed the first applicant UGX 650,000,000. The applicants and the third party entered into a joint venture and opened a joint account at Stanbic Bank. The applicants alleged the bank failed to transfer funds from this account to service the loan. By April 2023, the bank claimed an outstanding balance of UGX 263,072,329. The bank denied any knowledge of or involvement in the applicants' dealings with the third party, stating those arrangements predated the loan and the third party had never authorized use of their account to settle the applicants' obligations. The applicants filed an application for unconditional leave to appear and defend the summary suit.
Issues
- Whether the Applicants should be granted unconditional leave to appear and defend the summary suit.
- What remedies are available to the parties.
Orders
- The Applicants are denied leave to appear and defend Civil Suit No. 0418 of 2023.
- Judgment is entered against the Applicants jointly and severally for UGX 263,072,329.
- Interest is awarded on the judgment sum at the rate of 12.5% per annum from the date of judgment until payment in full.
- Costs of the Application and the main suit are awarded to the Respondent.
Rules and key headnotes
Legislation cited (4)
Cases cited (6)
- Makula Interglobal Trade Agency v Bank of Uganda [1985] HCB 65
- Geoffrey Gatete and Another v William Kyobe (Supreme Court Criminal Appeal No. 7 of 2005)
- Corporate Insurance Co. Ltd Vs Nyali Beach Hotel Ltd [1995-1987, EA 7
- UMEME Ltd v Justice Anup Singh Choudry (Miscellaneous Application No. 736 of 2021)
- Makau Nairuba Mabel v Crane Bank Ltd (Commercial Suit No. 380 of 2009)
- George Fredrick Wekesa v Caltex Kenya Ltd (High Court Civil Suit No. 1674 of 1997)
Full judgment
The original judgment as reported. Read the original PDF before relying on any passage.