J.K Holdings drag CMA’s Angella Kiryabwire to Law Council

By Joseph Lubandi

Posted on May 19, 2018

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J.K Holdings has petitioned the Uganda Law Council over Capital Markets Authority’s Angella Kiryabwire for allegedly breaching professional ethics and non discourse agreement.

In the letter dated May 18 from Tumukunde & Luwaga Co. Advocates and signed by Tumukunde N, J.K Holding accuses Angella Kiryabwire for leaking their confidential information to their competitors.

According to the letter, Ref/ 18/TL/05, J.K Holdings Limited sought to establish a Collective Investment Scheme through CMA, upon which Kiryabwire requested the company lawyer to furnish the authority with a checklist of all documents needed before approval.

The letter says that though Kiryabwire and JK. Holdings signed a Non-Disclosure of Information Agreement to third parties before the elapse of six years unless ordered by a competent court, she allegedly went ahead and shared the information with Stanlib Uganda Limited who runs a collective investment scheme called Money Markets Fund and IRSTA Limited.

JK. Holdings’ lawyer explained that they had mail correspondences between Kiryabwire, the Chief Executive Officer of Standlib Limited Mrs. Annette Rumanyika Mulira and Lydia Muleembe of IRTSA Limited.

“Our prospecting agents in Uganda who had agreed to work with us have been contacted and told not to work with us because we are a fraudster. This has greatly damaged the reputation of the company and its prospecting business,” the letter adds.

“The location of our intended premises which was among our Trade secrets disclosed to Mrs. Kiryabwire has been taken over by our competitor IRSTA Limited.”

According to J.K Holdings, the application to operate a Collective Investment Scheme by IRTSA was granted within one week. The company claims that though they had filed their application over one year ago, they had received no explanation from CMA as to why their application had taken that long.

“The actions of Kiryabwire contravene Rule 7 of the Advocates Professional conduct regulations SI-267-2.”

“We disclosed this information to Mrs. Kiryabwire trusting that she is an advocate of the High court who respects Advocates Professional conduct regulations. The information we disclosed included; the unique products the company was to bring on the market, sources of funding, marketing strategies, trade secrets, branding materials, contingent agency contracts, prospectus and passwords to soft wares executed between our client and prospecting investors”.

CMA supervises and monitors institutions regulated by CMA to upgrade the efficiency and the level of capital market and insurance sectors in general, and to protect investors and policyholders in particular. Also, the body regulates regulations required to develop the capital market and insurance sectors and spreads awareness in matters related to investment and rights of investors.

via: Matooke Republic