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“Syndicated Loan is Illegal” declares Justice Henry Peter Adonyo

“Syndicated Loan is Illegal” declares Justice Henry Peter Adonyo

Business, FEATURED, NEWS
The Ugandan High Court on Wednesday ruled that a loan granted to a local company was illegal in a shock judgment that has banks fearing a spike in debt defaults. The case relates to a loan Diamond Trust Bank Kenya Ltd. provided to a Kampala-based firm with interests spanning real estate to agriculture, using its Ugandan subsidiary as the agent. Lenders in the East African nation were taken by surprise when Judge Henry Peter Adonyo said the transaction was illegal because the Kenyan bank didn’t have a domestic license to conduct such business in Uganda. The judgment enables the applicants, Ham Enterprises Ltd., Kiggs International Ltd. and Hamis Kiggundu, to recover more than $32 million from the bank, according to a copy of the judgment seen by Bloomberg. Diamond Trust Bank disag...
Ivan Kakooza of Nexus Bar Najjera has Died.

Ivan Kakooza of Nexus Bar Najjera has Died.

Business, FEATURED, Health, NEWS
The owner of a popular hung out in one of the Kampala Suburbs of Najjera, Ivan Kakooza has died owing to Cororna Virus this morning at Mulago Referal Hospital. Affect seeking for medical attention after getting difficulty in breathing that he was told by doctors at Mulago that his lungs were inffected due to Covid -19; close friends to Ivan have told this website  “Yes, it is true, Ivan is gone,” Kaitesti told reporters early Friday morning. The cause of death is still unknown. However, Kaitetsi said Ivan had been unwell lately. “He has not been coming to work for the last two weeks. He was not doing fine,” Kaitetsi added. Kakooza, who was in his early 40s, is said to have passed on at Mulago National Referral Hospital. His body is currently in th...
Mobile Money Hacker are still in the Country, still Hunted by Police.

Mobile Money Hacker are still in the Country, still Hunted by Police.

Business, FEATURED, NEWS
Uganda’s police are searching for hackers who accessed the systems of a third party that processes phone-based transactions, with companies affected including MTN Group and Standard Bank Group’s local units. The fraudsters got into the mobile-money systems and stole funds, according to Charles Twine, spokesman for the Criminal Investigation Department. Investigations will help identify how the systems were hacked, the people involved and the amount of money stolen, he said. The “system incident” at the third party “impacted bank-to-mobile money transactions,” MTN Uganda, Stanbic Bank Uganda and Airtel Africa’s local unit said in a joint statement. Mobile money, as it’s known, is popular in Africa for making payments for everything from groceries to utility bills, with options...
Bank to Mobile Money Services Suspended as Hackers Make off with Billions

Bank to Mobile Money Services Suspended as Hackers Make off with Billions

Business, FEATURED, NEWS
 A joint statement from Stanbic, Airtel and MTN Uganda.   Stanbic Bank Uganda, MTN Uganda and Airtel Uganda inform the public and their customers that on Saturday 3 October 2020, a third-party service provider experienced a system incident which impacted Bank to Mobile Money transactions.  All Bank to Mobile Money/Wallet services have since been temporarily suspended. This system incident has had no impact on any balances on both Bank and Mobile Money accounts. Our technical teams are analysing the incident and will restore services as soon as possible. We apologise to all customers for any inconvenience that this has caused and reiterate our commitment to delivering seamless banking and mobile money services.  The October 5 statement was sig...
German Insurer Buys into Jubilee Holdings

German Insurer Buys into Jubilee Holdings

Business, FEATURED, NEWS
The deal is worth Sh10.8 billion Allianz to acquire a controlling stake of between 51 and 66 per cent in Jubilee’s General Insurance businesses. Jubilee Holdings chairman Nizar Juma (L) Allianz Africa CEO Coenraad Vroliik (R) The transaction is subject to regulatory approvals in five countries including Kenya and Uganda. The African subsidiary of the global insurer and asset manager Allianz plans to buy an eight per cent stake in Kenya’s Jubilee Holding Plc (JHL). The offer, subject to regulatory approvals, will see the Germany based firm acquire a controlling stake of between 51 and 66 per cent in Jubilee’s General Insurance business Kenya, Tanzania, Uganda, Burundi and Mauritius, forming Jubilee-Allianz General Insurance Limited. JHL will retain ownership of its Life...
Uganda Calls for Developing Scientific, Economic Ties with Iran

Uganda Calls for Developing Scientific, Economic Ties with Iran

Business, FEATURED, Latest News, Politics
Tehran, Sept 23, IRNA - Speaker of the Uganda Parliament Rebecca Kadaga appreciated friendly relations between Iran and Uganda and stressed the importance of using scientific, economic and technology capacities of the Iranian companies. Kadaga made the remarks in a meeting with Iranian Ambassador to Uganda Morteza Mortazavi. She referred to good parliamentary relations in bilateral and international fields and also their mutual support in various events like the OIC, saying relations are based on long-terms interests. She pointed to her visit to Iranian universities, saying these opportunities should be used. Kadaga lauded Iranian art and called for continuation of supports namely by passing regulations to facilitate cooperation and by encouraging investment and removing doubl...
Serena Expands its Footprint into DRC with Goma Hotel

Serena Expands its Footprint into DRC with Goma Hotel

Business, FEATURED, Latest News, Tourism, TRAVEL
The hotel, which officially opened its doors last Tuesday, is close to Kahuzi-Biega National Park and the active volcanic Mt Nyiragongo. It is a 10-minute drive from the Goma International Airport and a five-minute drive from the Rwanda border at Gisenyi. Serena Hotels has opened a new property in Goma, the capital of North Kivu province in eastern DRC. The five-star Goma Serena Hotel is located at the lakefront of Lake Kivu. The hotel, which officially opened its doors last Tuesday, is close to Kahuzi-Biega National Park and the active volcanic Mt Nyiragongo. It is a 10-minute drive from the Goma International Airport and a five-minute drive from the Rwanda border at Gisenyi. In a press release, group managing director of TPS Serena Hotels – Africa, Mahmud Jan Mohamed said: “Exp...
StanChart Goes Digital, is Closing its Branches in Uganda.

StanChart Goes Digital, is Closing its Branches in Uganda.

Business, FEATURED, Latest News, TECH
Standard Chartered Bank has announced that it is in advanced stages of transforming into a fully digital bank and has since gradually started the process of closing most of its branches in Uganda.  The transition means that StanChart customers will have to rely on the SC Mobile App, Online Banking Platform, Digital Banking units, Agent Banking, Cash Deposit Machines and increasing the ATM network for all their banking needs. The bank has already published a memo communicating to customers and issued them the requisite 30 days’ notice with plans to close most of its branches on 31st October 2020. However, the bank will maintain a 3-branch model aligned to serve its client segmentations i.e Lugogo Branch for the Affluent clients, City branch for Business Banking Clients and Sp...
MTN Uses Netherlands Tax Haven to Escape African Tax Bills

MTN Uses Netherlands Tax Haven to Escape African Tax Bills

Business, FEATURED, NEWS, TECH
South African telecoms giant MTN appears to have avoided paying any capital gains tax in Uganda on the lucrative sale of its investment in mobile phone masts in the country. MTN’s latest financial statements show a profit of 1.3 billion South African Rand – almost $80 million — from the sale of its interests in Uganda. Taxed at the standard 30 percent rate, this could have yielded $25 million for the hard-pressed country. According to the newspaper, MTN had a 49 percent shareholding in a Dutch joint venture company which ultimately owns the towers, and it sold its stake in this Dutch company instead of selling the towers themselves. Now look at this separate story, from Ghana Business News: Ghana could miss out on as much as GH¢400 million in capital gains tax following t...
The US Government is Investing in E-commerce Start-ups in Kenya and Uganda

The US Government is Investing in E-commerce Start-ups in Kenya and Uganda

Business, FEATURED, NEWS
Despite its ongoing struggles with poverty and epidemics, there is good news coming out of Africa these days. The US government is investing in e-commerce start-ups in Kenya and Uganda in an effort to boost self-sufficiency in those regions, according to an 11 September article in Quartz magazine. Meanwhile, China has been accelerating their investment in Africa; the China National Offshore Oil Corporation is collaborating with the French oil firm Total to sink 500 wells and build the world’s longest heated oil pipeline. Finally, struggling airlines might try to boost their business by taking advantage of the growing markets there; United Airlines announced on 8 September that they are adding service to South Africa, Nigeria and Ghana. About ResearchAndMarkets.com Research...
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