GO SLOW! Court stops Stanbic bank from selling Pepper assets

The Pepper Publications Ltd has secured a relief against Stanbic bank stopping the attachment and sale of its vital tools of trade that includes movable assets and business premises located at Namanve industrial area P.O.Box 7335, Kampala, Uganda.

The company took Stanbic bank to court claiming inter alia, several reliefs including; A declaration that the bank made illegal charges and deductions from the company’s account, recovery or refund of the said amounts, a declaration that the bank breached the contract, a declaration that the terms of the contract between the parties were unfair, oppressive, unjust and illegal thus unenforceable, among other reliefs.

The company filed an application for a temporary injunction in commercial court which was not in its favour because of the condition imposed by court. Through Allan & Partners, The Pepper Publications appealed against the said orders and decision in the court of appeal.

Court of appeal, presided over by His Lordship Cheborion Barishaki, on 18th October 2022 delivered a ruling in favour of the company with orders as follows: “An order prohibiting the bank from attaching, selling or in any way disposing off the loan securities for the facility purportedly advanced to the applicant pending the determination of the main application before the court of appeal, also the registrar is to cause list the main application for hearing within the next 21 days.”