Stanbic Bank to Appeal Against Shs400m Fine Over Insider Trading

  • by Rodney Mponye
  • February 18, 2021

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.