Stanbic Bank to appeal court decision ordering it to pay Shs 400 million in damages to customer
Stanbic Bank has indicated that it will appeal against a commercial court decision to pay damages to the tune of Shs 400 million to bank customer who took out a loan.
In a notice dated February 12 from its lawyers, Sebalu and Lule Advocates, the bank said it was dissatisfied with the ruling and would appeal against "the whole of it."
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Commercial Court last week ordered Stanbic Bank to pay Shs400m after some of its officials allegedly created a company that they used to sell to themselves several plots of land belonging to Macdowel Food and Beverages.
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.
