Diamond Trust Bank (Uganda)

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Diamond Trust Bank (Uganda) Limited
TypePrivate
IndustryFinancial services
Founded1945; 76 years ago (1945)
HeadquartersKampala, Uganda
Key people
M.N.Thobani
Vice Chairman
Varghese Thambi
Chief Executive Officer[1]
ProductsLoans, savings, checking, investments, debit cards, credit cards, mortgages
RevenueIncrease:Aftertax: UGX:18.168 billion (US$4.96million) (2018)[1]
Total assetsUGX:1.606 trillion (US$438.574 million) (2018)[1]
WebsiteHomepage

Diamond Trust Bank Uganda Limited (DTBUL), is a commercial bank in Uganda. It is licensed and supervised by the Bank of Uganda, the central bank and national banking regulator.[2]

Location[]

The headquarters and main branch of the bank are located at the DTB Centre, at 17/19 Kampala Road, in Kampala, Uganda's capital and largest city.[3] The geographical coordinates of the headquarters of Diamond Trust Bank Uganda Limited are: 0°18'47.0"N, 32°35'01.0"E (Latitude:0.313056; Longitude:32.583611).[4]

Overview[]

As at December 2018, the bank's total assets were valued at about UGX:1.606 trillion (approximately US$438.574 million), with UGX:222.5 billion (approximately US$60.8 million) in shareholders' equity.[1] As of 31 December 2015, DTBUL was the seventh largest commercial bank in Uganda by assets, controlling about 4 percent of the assets in the banking industry.[5]

History[]

The bank dates to 1945, when it was operating as the Diamond Jubilee Investment Trust (DJIT), with its head office in Dar es Salaam, Tanzania, and branches in Mombasa, Kenya and Kampala, Uganda. Branches were later opened at Nairobi and Kisumu in Kenya. The company was initially established as a community-based finance house, dedicated towards the extension of credit to the East African Ismaili Community and the mobilization of their savings. In 1965, DJIT was split into three entities, one each in Kenya, Tanzania, and Uganda.[6]

In 1968, the rapid economic development of post-independence Uganda saw the founding of Diamond Trust Properties Uganda Limited. In 1972, Diamond Trust (Uganda) Limited (DTU) commenced operations as a non-bank financial institution. Between 1972 and the early 1990s, DTU was largely moribund because of political instability.[6]

In 1995, the institution was recapitalized with the participation of the Aga Khan Fund for Economic Development and Diamond Trust Bank (Kenya) Limited. In 1997, the bank became a full-service commercial bank and was renamed Diamond Trust Bank (Uganda) Limited.[6]

Diamond Trust Bank Group[]

DTBU is a member of the Diamond Trust Bank Group, a large financial services provider with operations in Burundi, Kenya, Rwanda, Tanzania, and Uganda.[7][8]

Ownership[]

Diamond Trust Bank (Kenya) Limited owns at least 56.97 percent of the shares in Diamond Trust Bank (Uganda) Limited.[9]

Branch network[]

As of January 2016, Diamond Trust Bank (Uganda) Limited had a network of branches in the central, eastern, northern, and western regions of Uganda. The branch network included the following locations:[10]

  1. Arua Branch - 18-20 Avenue Road, Arua
  2. Busia Branch - 9 Sophia Lane, Busia
  3. Bwaise Branch - 3300 Bombo Road, Bwaise, Kampala
  4. Equatoria Branch - Equatoria Hotel Building, 37-39 William Street, Kampala
  5. Forest Mall Branch - Forest Shopping Mall, Lugogo Bypass, Kampala[11]
  6. Freedom City Branch - Freedom City Mall, Namasuba, Kampala
  7. George Street Branch - Georgian House, George Street, Kampala
  8. Industrial Area Branch - 10-12 Kibira Road, Kampala
  9. Jinja Branch - 32-34 Main Street, Jinja
  10. Kabalagala Branch - Ggaba Road, Kabalagala, Kampala[11]
  11. Kampala Road Branch - 17-19 Kampala Road, Kampala Main Branch
  12. Kamwookya Branch - 67 Kira Road, Kamwookya, Kampala
  13. Kisenyi Branch - USAF Market, Kisenyi, Katwe Zone, Kampala[12]
  14. Kikuubo Branch - Sena Arcade, 60 Ben Kiwanuka Street, Kampala
  15. Kitintale Branch - 1336 Port Bell Road, Kitintale, Kampala
  16. Kyengera Branch - Ssendi House, 415 Masaka Road, Kyengera
  17. Lira Branch - 4 Aputi Road, Lira
  18. Malaba Branch - 24 Kwapa Road, Malaba, Uganda
  19. Masaka Branch - 39 Kampala Road, Masaka
  20. Mbale Branch - 15B Bishop Wasike Road, Mbale
  21. Mbarara Branch - 54 Mbaguta Road, Mbarara
  22. Naalya Branch - Metroplex Shopping Mall, Naalya
  23. Nakivubo Branch - Ssekaziga House, 12-37 Channel Street, Kampala
  24. Namanve Branch - Kampala Industrial and Business Park, Namanve[13]
  25. Nansana Branch - Nansana[11]
  26. Nateete Branch - Batuma House, 764 Masaka Road, Nateete, Kampala
  27. Ndeeba Branch - 336 Masaka Road, Ndeeba, Kampala
  28. Ntinda Branch - Haruna Shopping Centre, 2117 Kira Road, Ntinda, Kampala
  29. Oasis Mall Branch - Oasis Mall, Yusuf Lule Road, Kampala
  30. Old Kampala Branch - 17-21 Club House, Old Kampala, Kampala
  31. Owino Market Branch - St. Balikuddembe Market, Kampala[11]
  32. Victoria Mall Branch - Victoria Mall, Entebbe
  33. Wandegeya Branch - 38 Bombo Road, Wandegeya, Kampala

Court Cases[]

Gen Charles Angina Vs Diamond Trust Bank Uganda (suit no. 76/2018)[]

In 2018, Ugandan army General: Charles Angina filed a case (suit no. 76/2018) in the commercial court of Uganda after Diamond Trust Bank had misused his tight responsibility program and performed series of scams on his bank accounts; among which fraud activities included transferring his tittle held with the bank as collateral to other people claiming that he had failed to pay and the general unknowingly lost Uganda Shillings 1,800,000,000.[14]

On March 5 2021 However, The Commercial Court Convicted Diamond Trust Bank of Open Fraud and ordered the bank to transfer the general’s titles back to his names. Court further ordered DTB to pay Gen Angina Uganda shillings 400 Million at an interest rate 10%  per year and additionally ordered the bank to pay legal costs for this suit. [15][16][17][18][19][20][21]

Ham Enterprises and 2 others Vs Diamond Trust Bank Uganda & Kenya (Suit no.43 OF 2020)[]

In February 2020, Ham Enterprises and Hamis Kiggundu sued Diamond Trust Bank for illegally defrauding their accounts for over USD 30 million (UGX 34.29 billion and USD 23.4 million) under what they called "unclear debits" from their companies' and Personal bank accounts over a spread period of ten years.[22][23][24][25]

In October 2020, Ham won the case and the Ugandan High Court ordered Diamond Trust Bank to refund all the unlawfully withdrawn monies totaling to UGX 34.29 billion and USD 23.4 million, with an additional 8% interest for legal costs. The court additionally ordered the bank to unconditionally release/discharge all mortgages allegedly created over all Kiggundu's properties and all corporate and personal guarantees issued by Kiggundu.[26] The court also issued a permanent injunction to prevent DTB from enforcing the mortgages over Kiggundu's properties. DTB Bank later appealed the decision in the High Court and were issued an injunction halting payment of the monies to Ham[27][28][29][30][31][32][33][34][35][36][37][38][39][40]

See also[]

References[]

  1. ^ Jump up to: a b c d Diamond Trust Bank Uganda (9 April 2019). "Diamond Trust Bank Uganda Limited: Extract of the Financial Statements for the year ended 31 December 2018" (PDF). Kampala: Diamond Trust Bank Uganda Limited. Retrieved 22 July 2019.
  2. ^ Bank of Uganda (31 March 2016). "Bank of Uganda: List of Licensed Commercial Banks As At March 2016" (PDF). Kampala: Bank of Uganda. Archived from the original (PDF) on 12 October 2016. Retrieved 2 June 2018.
  3. ^ Diamond Trust Bank Uganda (2 June 2018). "The Headquarters of Diamond Trust Bank Uganda Limited". Kampala. Retrieved 2 June 2018.
  4. ^ Google (2 June 2018). "Location of the Headquarters of Diamond Trust Bank Uganda Limited" (Map). Google Maps. Google. Retrieved 2 June 2018.
  5. ^ Naibuzz.com (20 May 2016). "The 8 Biggest Banks In Uganda". Nairobi: Naibuzz.com. Retrieved 2 June 2018.
  6. ^ Jump up to: a b c Diamond Trust Bank (27 August 2016). "History of Diamond Trust Bank (Uganda) Limited". Kampala: Diamond Trust Bank. Retrieved 27 August 2016.
  7. ^ Vision Reporter (22 August 2007). "60 Year Old Diamond Trust Bank Rebrands". New Vision. Archived from the original on 3 May 2014. Retrieved 3 May 2014.
  8. ^ New Times Reporter (14 August 2009). "Kenya's Diamond Trust Bank To Extend To Rwanda". The New Times (Rwanda). Retrieved 3 May 2014.
  9. ^ Juma, Victor (5 May 2016). "DTB raises stake in Uganda unit with $10.9 million injection". The EastAfrican. Nairobi. Retrieved 27 August 2016.
  10. ^ "List of Diamond Trust Bank Branches In Uganda". DTB Uganda. Retrieved 13 March 2015.
  11. ^ Jump up to: a b c d Ainebyona, Emmanuel (16 January 2015). "DTB Widens Footprint With Four New Branches". Daily Monitor. Kampala. Retrieved 16 January 2015.
  12. ^ Masinde, Andrew (14 March 2014). "Kisenyi Residents Advised To Embrace Development". New Vision. Retrieved 3 May 2014.
  13. ^ Ladu, Ismail Musa (19 January 2016). "The unending tale of Kampala Industrial and Business Park". Daily Monitor. Kampala. Retrieved 19 January 2016.
  14. ^ Times, Uganda (2020-07-27). "DTB on the Verge of Collapse following over 127 Bn Fraud Cases by Ham Enterprises, Gen Charles Angina, Yiga Musa & Others". The Uganda Times - Uganda News, Uganda Updates, Breaking News, World News, Business, Travel, About Uganda | Home. Retrieved 2021-07-29.
  15. ^ Nyakundi, Cyprian (2021-03-05). "Gen Charles Angina VS Diamond Trust Bank Case Ruling" (PDF). Ugandan Commercial Final Court Ruling.
  16. ^ "Diamond Trust Bank once again Netted Engaging in Open Fraud, Convicted and ordered to pay over 400Million ". The Uganda Post. 2021-03-06. Retrieved 2021-07-29.
  17. ^ Times, Uganda (2021-03-05). "Diamond Trust Bank Convicted and Charged for Openly Defrauding their Customer in total breach of it's judiciary duties". The Uganda Times - Uganda News, Uganda Updates, Breaking News, World News, Business, Travel, About Uganda | Home. Retrieved 2021-07-29.
  18. ^ Spy, Reports (2021-03-05). "Commercial Court Orders Diamond Trust Bank to pay Gen Angina 400 Million".
  19. ^ "Tycoon Ham VS Diamond Trust Bank: Full list of other illegal series of multi-billion scandals of Diamond Trust Bank, face closure". Whisper Eye. 2021-06-07. Retrieved 2021-07-29.
  20. ^ "DIAMOND TRUST BANK SUFFERS ANOTHER LEGAL CASE DEFEAT AS COURT ORDERS FOR RETURN OF GEN .AGINA'S LAND TITLE AND AWARDS HIM SHS.400M IN DAMAGES - Uganda Update News". Retrieved 2021-07-29.
  21. ^ Mulengera. "HOW NRM MP CONNED TOP M7 GENERAL IN MUYENGA HOUSE DEAL (CONNED GEN IS CLOSE TO SALIM SALEH) – mulengeranews.com". Retrieved 2021-07-29.
  22. ^ "Diamond Trust Bank in trouble as tycoon Ham Kiggundu drags them to court over Shs100 billion fraud". Watchdog Uganda. 2020-03-12. Retrieved 2021-07-29.
  23. ^ Times, Uganda (2020-03-11). "Ham Enterprises drags DTB to court over 120Bn UGX Fraud". The Uganda Times - Uganda News, Uganda Updates, Breaking News, World News, Business, Travel, About Uganda | Home. Retrieved 2021-07-29.
  24. ^ "Ham Enterprises drags DTB to court over Shs112bn "fraudulent" deductions from their account". Matooke Republic. 2020-03-11. Retrieved 2021-07-29.
  25. ^ Mercedes, J. L. (2020-03-12). "City Tycoon 'Ham' drags DTB to court over 100Bn UGX Fraud". Enews Uganda. Retrieved 2021-07-29.
  26. ^ "Court orders DTB to refund immediately Shs 120bn to Ham". Kampala Express. 2020-10-08. Retrieved 2021-07-29.
  27. ^ "Ham Enterprises Ltd & 2 Ors v Diamond Trust Bank (U) Ltd & Anor (Miscellaneous Application-2020/654) [2020] UGCommC 32 (07 October 2020); | Ulii". ulii.org. Retrieved 2021-07-29.
  28. ^ Kamaris, Karecha (2020-10-07). "Terrorism-linked DTB Bank loses case ordered to refund 130 billion shillings - Cyprian Is Nyakundi". Retrieved 2021-07-29.
  29. ^ Times, Uganda (2020-10-07). "Just In: Court Orders Diamond Trust Bank to pay Ham Enterprises 120Billion, Legal Fees and 9.6Billion Interest after losing Multi -Billion Fraud Case". The Uganda Times - Uganda News, Uganda Updates, Breaking News, World News, Business, Travel, About Uganda | Home. Retrieved 2021-07-29.
  30. ^ Reporter, Senior (2021-06-06). "Tycoon Ham turns Diamond Trust Bank into a Village Sacco as profits are invested in Financing and Compromising the 120Billion Fraud Case in Court". The Informer UG. Retrieved 2021-07-29.
  31. ^ "Ham wins DTB in Shs120bn fraud case, Bank ordered to refund businessman". Watchdog Uganda. 2020-10-07. Retrieved 2021-07-29.
  32. ^ Reporter, NELSON MANDELA | PML Daily (2020-10-02). "City businessman Ham defeats DTB again in UGX. 120b fraud case". PML Daily. Retrieved 2021-07-29.
  33. ^ "Ham Enterprises Defeats Diamond Trust Bank Again In The 120Bn Fraud Case At High Court » Business Focus". Business Focus. 2020-10-02. Retrieved 2021-07-29.
  34. ^ "Ham wins loan case, DTB to appeal". Daily Monitor. Retrieved 2021-07-29.
  35. ^ "DTB Ordered to Pay Back 120 Billion to Ham Kiggundu After Winning Court Case". blizz.co.ug. Retrieved 2021-07-29.
  36. ^ Achom, Pamela (2020-10-07). "DTB Considers Appealing Court Ruling in Favour of City Tycoon Ham as its Ordered to Refund Monies Collected from his Accounts". Galaxy FM 100.2. Retrieved 2021-07-29.
  37. ^ Reporter, Spy (2020-10-07). "Just in: Court Orders DTB To Pay City Tycoon Ham UGX129.6B In UGX120B Fraud Case!". The Spy. Retrieved 2021-07-29.
  38. ^ "DTB Fraud Case: Court Orders Bank to Pay Close to 130Bn to City Tycoon Ham Kiggundu". The Ugandan Wire. 2020-10-07. Retrieved 2021-07-29.
  39. ^ Mercedes, J. L. (2020-10-08). "Tycoon Ham Wins 120 Fraud Case,Diamond Trust Bank to Pay Back". Enews Uganda. Retrieved 2021-07-29.
  40. ^ "Just in: DTB loses 120Bn Fraud Case to Ham Enterprises: Ordered to pay 120 Billion, Lega Fees and 8% Interest". Uganda Daily. 2020-10-07. Retrieved 2021-07-29.

External links[]

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