Stanbic Bank to appeal against Shs400m fine in insider trading case

Stanbic Bank to appeal against Shs400m fine in insider trading case

Ms. Anne Juuko, the Chief Executive, Stanbic Bank Uganda (PHOTO/File). KAMPALA – Stanbic Bank Uganda will appeal a High Court ruling delivered on Friday 12th February 2021 ordering it to pay Sh400m in costs to Macdowel Food & Beverages.

Stanbic Bank Uganda has contested the decision and has filed a Notice of Appeal to the Court of Appeal of Uganda.

“In view of the above, the case will be subject to further court proceedings and as a responsible and law-abiding corporate citizen, the Bank is unable to publicly discuss the merits of its case nor the implications on the impacted stakeholders at this time,” the bank said in a statement.

“Stanbic Bank Uganda remains committed to due process and will provide a full account of this matter upon its conclusion. ”

The case, MacDowel Foods and Beverages Limited Vs. Stanbic Bank Uganda Limited and Myriad Investment Club Limited MA 568/2020, concluded Friday with the bank being ordered to pay damages to the tune of Shs 400 million to bank customer who took out a loan that turned bad.

Justice Richard Wejuli Wabwire, in his ruling on Friday, said he could not turn a blind eye when employees of Stanbic Bank circumvented the law to the disadvantage of their esteemed customers.

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