The High Court will decide the fate of Uganda Clays on December 12th.
Justice Lydia Mugambe says court will decide whether or not to issue an injunction blocking the NSSF from taking-over majority shareholding of the heavily indebted company until the main suit is heard and disposed of.
The judge made the announcement after receiving submissions by both NSSF and one of the company’s minority shareholders Habib Sembatya, who claims that he will suffer irreparable loss if Court does not bar NSSF from taking over the majority shares.
He asked court to issue a temporary injunction restraining the Fund from converting its 16.7 billion shillings loan to Uganda Clays into majority shareholding of 66% in the company.
However, the NSSF has asked Justice Mugambe to dismiss with costs Sembatya’s application saying it lacks merit.