Court Allows Absa Bank Uganda to Sell Property to Recover Debt
The High Court Commercial Division dismissed a suit filed by Boss Beverages International Limited over interest calculations and authorized Absa Bank Uganda Limited to sell property to recover an outstanding debt of UGX 710.2 million plus interest.
The High Court Commercial Division dismissed a suit filed by Boss Beverages International Limited over a loan dispute over interest calculations. The court allowed Absa Bank Uganda Limited to proceed with the sale of property to recover an outstanding debt of UGX 710,176,404. The court ruled that the outstanding amount will continue to attract interest at 20 percent per annum from the date the case was filed until full payment is made. Acting Judge Dr. Ginamia Melody Ngwatu ordered Boss Beverages International Limited to pay costs. According to monitor.co.ug, the court found that Boss Beverages had failed to prove allegations that the bank had computed interest and penalties on its loan facilities. According to monitor.co.ug, the dispute arose from loan facilities advanced by Absa Bank Uganda Limited to Boss Beverages International Limited, including a Shs400 million term loan used to buy out an existing facility.
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0 contested (attributed to both sides), 2
single-source (attributed). Nothing was added; no significance was inferred.
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