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Message: [QUOTE="Munyaradzi Mafaro, post: 31898, member: 636"] A judge at Kampala's High Court said no to Kampala International University when they asked him to stop a bank from taking 47 billion Shillings from them. Judge Steven Mubiru explained that KIU failed to show why Housing Finance Company Limited of Kenya would not give back the money if KIU later won its case. He said the Court of Appeal can always order Kenya's bank to return any cash if KIU proves successful. KIU belongs to businessman Hassan Basajjabalaba. They wanted the court to block actions from earlier court decisions about money they owed. A judge in Kenya named Collins Namachanja decided this case back in September 2019. The High Court agreed with his decision last month. KIU argued they needed time because paying might ruin their future appeal chance. The story began in 2010 when KIU started building new spaces at its campus in Kenya. They asked for $15 million from Housing Finance Company but received just $10 million. The school put up its 62-acre property as security against this loan. They agreed to pay everything back over 15 years. Problems started when both sides disagreed about interest charges and how much money actually changed hands. By that point, the bank had given KIU $11.3 million. Both groups chose arbitration in Kenya to solve their fight. The person deciding found that KIU paid extra interest but also owed more money to the bank. After adding all the money given out plus interest, the total reached $13.8 million. The judge took away $1.049 million for overcharges, leaving KIU responsible for $12.767 million. KIU hated this answer and filed cases in Kenya and Uganda first. They lost both times. After these defeats, they tried again to pause payment collection until their next appeal was finished. Judge Mubiru did not accept their reasons. He acknowledged the large sum might affect normal university business but said KIU failed to prove it would stop them from continuing their appeal. The judge also pointed out that KIU offers no real evidence beyond saying 30,000 students face problems if the school closes. He noted that KIU stopped repaying its loan in 2016. Five years passed since the decision came down, but KIU made zero effort to pay anything back. The judge decided that stalling helps KIU unfairly but hurts the bank that deserves payment from a decision made years ago. [/QUOTE]

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