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The Supreme Court held that Bugingo Claude’s suretyship was valid, but it did not cover the restructured loan he was not notified of, and he was released from liability.
The Supreme Court found that Rwagasana and Mukakimenyi are jointly liable for the principal loan and late fines as per the contract and expert report, that the interest rate of 19.25% for late fines is valid due to borrower’s acceptance and contractual stipulation, that procedural and counsel fees must be awarded at the court’s discretion and not strictly by contract percentage, that expert fees are recoverable by the bank, and that Mukakimenyi is jointly liable as she signed all relevant agreements.
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Both Rwagasana and Mukakimenyi are jointly liable for the principal debt and interest to BK Ltd as all relevant agreements were signed by both parties. BK Ltd acted within its rights to charge interest and fees as stipulated in the contracts, including for the performance guarantee paid on Rwagasana's behalf. However, judicial costs and attorney fees must be set by the court's discretion and not solely by contractual percentage. The expert fee is recoverable by BK Ltd as the expert performed work at the applicants' request. The applicants' claims for damages and to avoid liability are rejecte…
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