Accordingly, the banks petitioned the Court of Appeal arguing that against it arguing that the commercial court decision was reached without evaluating any evidence on record related to the breach of contract, fraud and statutory duties between the parties among others.
Kiggundu's lawyers led by Fred Muwema told journalists shortly after the court ruling that they will proceed to the Supreme Court, East African Court of Justice and Kenyan Courts to challenge the issues arising from their case.
In his ruling, the Principal Judge Dr Zeija has noted that the orders need to be stayed because Justice Adonyo issued orders in favor of one party in a transaction that he found illegal and he made no mention of the sums Kiggundu borrowed.
DTB's lawyer told the Principal Judge that they have an intended appeal which will be rendered useless in the event that they refund the monies before its hearing, adding that the entire banking sector shall suffer substantial and irreparable loss.
They are complaining about a number of alleged unjustified circumstances in which Zeija issued directives without granting Kiggundu a right to be heard as the interested party. The lawyers led by Fred Muwema say that the actions appeared to hijack the Judicial process and affect fairness in the administration of Justice.
The lenders under their umbrella, Money Lenders Union Limited together with their Secretary General Male Mabirizi have filed their case before the Kampala Sub Registry of the East African Court of Justice.
In August 2020, Kiggundu petitioned the court after 85 Billion Shillings and 34 Billion Shillings were illegally deducted by DTB Uganda and DTB Kenya from two accounts of his companies without his knowledge and consent.