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 Stanbic Unveils Trade Club to Boost Market Access to Local Businesses

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Stanbic Bank has unveiled the Trade Club, a new solution that allows business people in Uganda to grow their enterprises by getting access to contacts, market information and a platform to network with counterparts across the world. https://www.tradeclub.stanbicbank.com/club/hub

Jonathan Wamara, the Head Universal Trade at Stanbic Bank said, “We are pleased to introduce Trade Club. It’s a new solution designed for Ugandan businesses to connect with other businesses locally, regionally and internationally with a view of easing both import and export trade.  This is a free digital networking platform enabling us to positively contribute to the growth of our business clients, because when they grow and prosper– so do we. By growing our customers’ businesses we can deliver towards our purpose of driving Uganda’s growth.”

The platform offers trade expertise for importers and exporters across 190 countries along with over 200 pages of trade information for both importing and exporting, customs information, market analysis and other relevant reports. Trade Club has a match-making algorithm that automatically suggests new counterparts that Ugandans can do business with.

“These suggestions are based on your business interests. The platform introduces you to new contacts (suppliers/customers) that you require to grow your business. Our customers are looking for solutions to simplify their lives and make it easier to do business. Particularly now, amidst the devastating impact of the Covid-19 pandemic, we must relentlessly innovate with solutions to kick-start recovery and survival in a tough business climate,” Wamara said.

To get into the Club, Stanbic requires applicants to have an active business account with the bank, must be Know-Your-Client (KYC) complaint, must be creditworthy and must have a confirmation from their relationship manager to the effect that the client has the capability to trade internationally.

Stanbic already offers some of the best trade financing solutions in Uganda, but the Trade Club will now allow members exclusive access to traders across the world. The new product underlines Stanbic Bank as an innovator and market leader in the provision of trade financial solutions. However, the basic aim is to find markets and grow Trade Club members’ businesses.

Wamara said, “Traditionally, we as a bank had always come in to support our clients to facilitate trade with buyers and sellers after they have already agreed terms, but with this platform the bank and our clients, will have an opportunity to walk together along the journey of, sourcing for genuine suppliers and buyers across various markets, discussion of trade terms and facilitation of the actual transactions by providing financial services like Trade Finance, Forex Solutions and Bancassurance.”

He said in terms of support, when a client joins the Trade Club, a Community Manager is assigned to them to assist with any needs the client may have regarding the Club, especially with suggestions and tailored reports among others.

Wamara said, “You will receive regular business opportunities suggested by our Community Manager. Choose to engage or discard them if they are not interesting for you. You can also add them to your contact book. You also have the option to ask our Community Manager for specific and customized matchmaking.”



Source – chimpreports.com

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Another blow as Judge throws out Kiggundu’s lawyer Muwema

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When court sat on Friday to hear the Kiggundu’s application to stop independent audit, he did not have a written application, and Justice Henry Adonyo instead ordered the plaintiff’s lawyer Fred Muwema to go make a written application seeking court to dismiss the audit and return to court on September 30 for a hearing of the application. But this adds more pressure on Kiggundu who is choking with the loans.

On 31 August, the judge ordered the Institute of Certified Public Accountants of Uganda (ICPAU) to carry out and independent audit into the accounts of the businessman and financial statements exchanged between the two parties, and present a report to court.

When asked by journalists why he has filed for an application seeking dismissal of the audit, Fred Muwema had this to say. “We are saying that let the validity and legality of those credit facilities (loans) be decided first before you can audit” He said.

The ruling on the application of the main suit to determine whether the businessman owes loan arrears to the bank is set for 5th October 2020, after which a date for hearing of the case will be set.

Background

Hamis Kiggundu through his companies Ham enterprises and Kiggs International (U) ltd sued DTB branches in Kenya and Uganda for deducting money from his accounts something which the bank contends and said they only acted as per the loan agreement of deducting 30% from Kiggundu’s accounts to recover the credit facilities rendered to him between February 2011 and September 2016

But Court documents filed by the bank in their defense shows that Kiggundu, between February 2011 and September 2016, was granted various credit facilities by the said DTB Banks.

First, via Ham Enterprises Limited, Kiggundu obtained a loan of $6,663,453 and another Sh2.5bn from the DTB (U) to finance his projects in the real estate business.

Later, according to New Vision, he got a facility worth $4.5m through Kiggs International (U) Limited from DTB (K) and mortgaged his properties, which include Plot 328 located at Kawuku on Block 248 Kyadondo, three plots that include 36, 37 and 38 on Folio 1533 Victoria Crescent II situated in Kyadondo and land on Makerere Hill Road on LRV 3716 Folio 10 Plot 923 Block 9.

Documents show that as of January 21, 2020, Kiggundu was in default on payment obligations of $6.298m on the loan facility of $6.663m, as well as sh2.885b on the demand overdraft facility of sh1.5b and the temporary demand overdraft facility of sh1b.

The banks say that Kiggundu was in default on the payment of another $3.662m out of a total loan facility of $4m and another $458,604 on a loan facility of $500,000, as of January 21, 2020.

The DTB consequently served him with a demand notice to either pay up or lose the assets that he submitted as collateral security. The bank threatened to attach a plot on Makerere Hill Road and other prime commercial properties.

Analysts says that Kiggundu’s lawyer is playing delaying tactics aimed at stopping the independent audit as ordered by the court earlier. Kiggundu had wanted court to believe his own audit of loan transactions, but that would amount to injustice to the banks that gave him money-DTB Uganda and DTB Kenya.

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Minister Rukutana charged with attempted murder, remanded

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The state minister for Labour, Gender and Economic Development Mwesigwa Rukutana has been remanded to Kyamugorani prison in Mbarara district.

Rukutana appeared before Ntungamo Grade One magistrate Nazifah Namayanja this afternoon from where he was charged with seven offences related to attempted murder, assault, malicious damage, and threatening violence.

Rukutana was captured in a video that went viral on social media showing him grabbing a gun from one of his bodyguards and started shooting at a vehicle belonging to supporters of his political rival Naome Kabasharira. At the time of the incident, Rukutana had just lost the Rushenyi country NRM flag to Kabasharira.

The prosecution alleges that on September 5, 2020, at Kagugu village in Ntungamo district, Rukutana and others still at large assaulted Julius Niwamanya and threatened to kill or injure him together with three others. The others are Stuart Kamukama, Dan Rwibirungi, and Moses Kamukama. 

It is also alleged that Rukutana also willfully and unlawfully damaged a motor vehicle registration number UAR 840X Toyota Rav 4 type which belongs to Moses Muhumuza.

According to the Judiciary public relations officer, Jameson Karemani, Rukutana has not taken a plea of these charges against him since they can only be tried by the chief magistrate who was not in court today.

As a result, the magistrate decided to send him to Kyamugorani, awaiting his return to court on Tuesday.      





Source – observer.ug

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Lira district headquarters closed over COVID-19

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Lira district headquarters have been closed after one staff tested positive for COVID-19 last week. 

On Monday morning, district staff were blocked at the gate with only the deputy chief administrative officer, his secretary and the receptionist allowed access to their offices. 

Paul Samuel Mbiiwa, the deputy chief administrative officer says that only heads of department will be allowed at the headquarters while the rest will work from home. He adds that the restriction will help to curb the spread of the virus.

“You see corona is not a joke. We have taken a step at fighting it and that is why you are seeing the staff outside. Even in my office here I do not want people to come if there is anything we can discuss on the phone.”

Francis Okello Olwa, a senior community development officer who doubles as the district spokesperson says that the entire district offices will be fumigated and closed for two days.

Health authorities in the district are planning to take samples from all the staff because they could have interacted with the one who tested positive. Currently, there are 19 COVID-19 patients under treatment at Lira regional referral hospital.     

On Sunday four health workers at the hospital tested positive for COVID-19. Dr Patrick Odongo, a senior medical officer at the hospital also succumbed to the virus.  





Source – observer.ug

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