By Ben Sebuguzi Kampala: Today a new dawn has come, the financial sector has received another good news, as one of their own, Crane bank has been reverted back to it’s shareholders who are Sudhir and Meera investment after a protracted long legal battle that has made the regulator, Bank of Uganda to vomit it.…
More than 90 percent of Ugandans who hold a bank account do not keep more than sh1 million at any one time on their accounts, an indication of the low savings levels in the country. There are an estimated 14 million bank accounts in the country. Of these, only about 2 percent have deposits totaling…
The Supreme Court in Kampala has dismissed the appeal filed by Bank of Uganda – BoU ( in Crane Bank Receivership) against Businessman Sudhir Ruparelia and Meera Investments Limited as the five-year court battle comes to a grand end. In a ruling delivered on Friday, February 11, 2022, Supreme Court ruled that BoU reverts Crane…
Minutes after legally slaying Bank of Uganda, for the forth time, but this time for good, Dr. Sudhir Ruparelia, has hit at certain officials of the central bank for stealing his bank, unnecessarily dragging him to court and prolonging the case for selfish gains. “These people stole my bank. They shared the legal fees in…
The State Minister for Investment and Privatization, Evelyn Anite has directed Uganda Investment Authority-UIA to repossess plots of land in Namanve industrial park that have not been utilized by investors. Anite who visited the park on Tuesday noted that five investors who were allocated land at the park have failed to develop the land ten…
The Contracts Committee at the Ministry of Justice and Constitutional Affairs has cited illegalities and gross fraud in the process employed in awarding the contract for the building of premises intended to house the Justice Law and Order Sector (JLOS). The committee unearthed an inflated and unjustifiable increment of Shs14,830,088,354 by Seyani Brothers and Company…
The Acting Uganda Airlines acting Chief Executive Officer Jenifer Bamuturaki has confirmed that Airbus A330-800neo landed in Seattle on Friday afternoon. This was the first time a Uganda Airlines plane flew to the United States. “It [flight] was by a client, it was hired. We do charters, by the way, that is an angle the…
By: Dr. Ezra Suruma Kampala: One of the most blatant aims of new colonialism (neocolonialism) is to ensure that Africans are denied access and control of capital. The evidence is overwhelming. It started in 1987 when the World Bank financed consultants to do “diagnostic” studies of locally-owned banks: Bank of Uganda, Uganda Development Bank, Cooperative…
With the great news of the Final Investment Decision being concluded this week at Kololo Airstrip, we must have already a fully Ugandan-owned Bank in play. Crane Bank was greatly supportive of small and Middle-sized Ugandan Businesses and Investments. If you ask all Business people in town they will tell you how its closure has…
President Yoweri Kaguta Museveni has directed that starting tomorrow, curfew restrictions for boda bodas are removed. President Museveni made the announcement during 41st Tarehe Sita celebrations in Mbale, where he said starting tomorrow Monday, at 6pm, boda boda riders are free to work transnight. “I want to announce that starting tomorrow at 6pm, boda boda…
