Bank of Uganda v Caring for Orphans, Widows and Elderly Limited
Bank of Uganda v Caring for Orphans, Widows and Elderly Limited (Civil Appeal 35 of 2007) [2008] UGCA 21 (24 October 2008)
The Court of Appeal held that the Bank of Uganda acted within its statutory powers under section 118 of the Financial Institutions Act and section 4 of the Micro-Finance Deposit-Taking Institutions Act when it froze the respondent's bank accounts. The statutes do not require a hearing before such action, especially where there is suspicion of criminal activity or unlicensed operation. The respondent's refusal to allow access to its books constituted prima facie evidence of unlicensed activity. The right to a fair hearing, while fundamental, does not override clear statutory provisions designe…
Source excerpt
- Judicial Review
- Natural Justice
- Bank Account Freeze
- Licensing Requirements
- Central Bank Powers