The Central Bank of Uganda (BoU) has finally broke silence on the landmark defeat sustained last week when the Supreme Court of Uganda directed that it reverts the management of Crane Bank back to its shareholders after establishing that the bank was fraudulently closed and later sold out to DFCU Bank in 2018. In the…
Tycoon Sudhir Ruparelia who last week again floored Bank of Uganda in Court, has tabled a bill of UGX200billion for all the costs. Last week, Supreme Court ordered BoU to directly pay costs at all Court levels and ordered that the Bank be reverted to Sudhir and the stakeholders, a ruling that effectively settled a…
Dr Louis Kasekende, the former Bank of Uganda (BoU) deputy governor, has no chance of bouncing back to that institution as Governor, following the death of Prof. Emmanuel Tumusiime-Mutebile. Not long ago Kasekende was considered an automatic heir to late Mutebile as Governor. Having read our exclusive article on the potential replacements for Mutebile, some…
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…
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…
Hundreds of mourners on Sunday thronged Kigezi High School Primary playground to attend the final send-off of the departed Bank of Uganda Governor Prof . Emmanuel Tumusiime Mutebile. Mutebile passed away on Sunday morning at Aga Khan Hospital in Nairobi, Kenya, at the age of 72, after suffering multiple organ failures. Prime Minister Nabanja interacts…
