Shine Pay (U) Ltd v Sarah Kagoro and Anor - (HCT-00-CC-CS 548 of 2004)
Observed later treatment
No later-treatment classification is recorded for this judgment.
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Holding
The court found that although the defendants signed a loan agreement for US $20,765, credible evidence showed they actually received only UGX 19,000,000 by cheque from the plaintiff's sister company. The court rejected the plaintiff's claim for the US dollar amount. The court held that the contractual interest rate of 15% per month (180% per annum) was excessive and unconscionable, constituting a disguised charging of exorbitant interest. The court awarded the plaintiff special damages of UGX 12,320,000 (after discounting the balance by 30% due to both parties' dishonest conduct) plus interest at 25% per annum. Each party was ordered to bear its own costs.
Outcome
Judgment for plaintiff on modified quantum; defendants liable jointly and severally for UGX 12,320,000 plus interest at 25% per annum
Facts
The plaintiff, a registered money lender, sued the defendants for recovery of US $20,765 plus interest at 15% per month. The suit was brought under summary procedure and default judgment initially entered but subsequently set aside. The parties agreed the defendants borrowed money and the plaintiff is a registered money lender. The plaintiff produced a loan agreement signed by both parties showing a loan of US $20,765. The first defendant testified she signed the agreement but actually received only UGX 19,000,000 by cheque. She produced a cheque dated 20 May 2004 for UGX 19,000,000 drawn on Eladam Enterprises Ltd (the plaintiff's sister company where the plaintiff's managing director owned majority shares) payable to Little Sisters, and a bank statement showing the cheque was cleared on 25 May 2004. The defendants' sewing machines were attached and sold for UGX 1,400,000. Security land provided by the defendants through an intermediary proved to be bogus.
Issues
- Whether the Defendants borrowed US $20,765 from the Plaintiff.
- Whether the Defendants have defaulted in the payments of the said sum of money.
- Whether the interest of 15% per month on any unpaid instalment is excessive and unconscionable.
- Whether the Plaintiff is entitled to the remedies prayed for.
Orders
- Judgment entered for the Plaintiff against the Defendants jointly and severally.
- Special damages awarded: UGX 12,320,000.
- Interest on special damages awarded at 25% per annum from the date of judgment until payment in full.
- Each party to bear its own costs.
Rules and key headnotes
Legislation cited (3)
- Civil Procedure Rules O.33 r.2
- Evidence Act s.92(d)
- Civil Procedure Rules O.19 r.55
Cases cited (3)
- United Dominions Trust Ltd v Western [1976] QB 513
- Juma v Habib [1975] EA 103
- Shine Pay (U) Ltd v Kiyonga Francis (HCCS No. 547 of 2004)
Full judgment
The original judgment as reported. Read the original PDF before relying on any passage.