back to top
HomeBusinessAfter Sudhir Exposing Rot, Defunct Greenland Bank Sues BoU Over Liquidation

After Sudhir Exposing Rot, Defunct Greenland Bank Sues BoU Over Liquidation

Published on

- Advertisement -spot_img

The shareholders of Greenland Bank Ltd have petitioned the Commercial Division of the High Court over liquidation of their bank that is yet to be concluded after more than two decades.

The 27 aggrieved shareholders, led by Mr Sulaiman Kaweesi, state that their bank was placed under liquidation 21 years ago, but the process is still ongoing.

“A declaration that the continued liquidation of the 2nd defendant (Greenland bank) for more than 21 years without accountability to the plaintiffs is irregular, unreasonable and in bad faith,” the court document dated March 1, reads in part.

“A declaration that the entire process of liquidation of the 2nd defendant is marred by massive fraudulent acts committed by the officials of the 1st defendant (BoU),” the petition further reads.

The Greenland shareholders also want court to order the central bank to render the true account of the management of the properties that belonged to the companies, associated with the bank at the time of closure.

Greenland bank, then an indigenous bank owned by the late Sulaiman Kiggundu, was incorporated on August 3, 1990 until April 1, 1999 when BoU closed it and placed it under liquidation.

Related

Just In: AIGP Charles Kataratambi Passes On

Assistant Inspector General of Police (AIGP) Charles Kataratambi, a longtime senior officer in the...

‘I Did Not Order For His Arrest’- PM Nabbanja Denies Ordering Arrest Of Galaxy TV Journalist

Prime Minister Robinah Nabbanja has dismissed claims circulating in the media that she ordered...

Bobi Wine Hatched Plot To Eliminate Us Before Mpuuga’s 500M Saga- MP Ssegona,Vows To Consult Busiro East Voters

Busiro East MP Hon. Medard Lubega Sseggona has announced plans to consult his constituents...

Uganda,US Sign Pact To Supply AIDS Injectable Drugs

The US State Department announced today that it will introduce the HIV-prevention drug lenacapavir...

More from The Capital Times

Business Boom In Namugongo Ahead Of Martyrs Day

Business has picked up this morning at Namugongo Martyrs shrine according to traders. The...

Here is why the Faras Uganda is the Ultimate Convenience Mobility App for Every Ugandan

Kampala, Uganda – In a fast-paced world where time is increasingly precious, Ugandans are...

Museveni Inaugurates De Heus State Of The Art Fish Feed Factory In Njeru, Buikwe

Njeru, Jinja: De Heus Animal Nutrition, a global leader in animal feed solutions, has...