Muwema & Co. Advocates, representing Dei Industries International Ltd, Dei BioPharma Ltd (formerly Dei Natural Products International Ltd) and Dr Matthias Magoola, have challenged a notice of intended sale of their clients’ properties through public auction or private treaty.
The notice, published on November 5, 2026, concerns several properties in Kampala and was issued by Jaid (U) Ltd, acting on instructions from Equity Bank Uganda and Equity Bank Kenya to recover alleged outstanding loan balances, interest and fees.
The lawyers argue that the proposed sale is premature because the loan dispute between their clients and Equity Bank is still before the courts and is subject to an independent audit and reconciliation process ordered by the High Court.
They allege that the dispute involves inflated loan balances, irregular loan consolidation, questionable interest calculations and alleged false accounting practices. They also accuse the bank of frustrating efforts to conduct an independent and transparent audit.
Muwema & Co. says the High Court and Court of Appeal have issued several directions relating to the disputed audit process, including proceedings challenging the appointment and independence of the auditors.
The lawyers maintain that the actual outstanding loan balance, if any, has not yet been conclusively established through the court-directed process. They say they intend to pursue legal action against the banks and warn prospective buyers that participating in the advertised auction could expose them to legal risks.
