Bank of Uganda v Caring for Orphans, Widows & Elderly Ltd
Bank of Uganda v Caring for Orphans, Widows & Elderly Ltd (Civil Appeal No. 35 of 2007) [2009] UGCA 36 (26 August 2009)
The Court of Appeal held that the Bank of Uganda acted within its statutory powers under section 118 of the Financial Institutions Act and sections 4 and 6 of the Micro-Finance Deposit-Taking Institutions Act when it froze the respondent's bank accounts. The statutes do not require the Central Bank to give a hearing before taking such action, especially where there is reason to believe the accounts contain proceeds of crime or the respondent is operating without a licence. The respondent's refusal to cooperate with investigations and to provide access to its books constituted prima facie evid…
Source excerpt
- Judicial Review
- Bank Account Freezing
- Natural Justice
- Licensing Of Financial Institutions
- Statutory Immunity