Every case is as good as its legal strategy and every legal strategy is as good as the team on it. To defend himself against a UGX397 billion (USD106 million) suit from Bank of Uganda, arguably one of Uganda’s most feared, ruthless and cash-rich regulators, Dr. Sudhir Ruparelia, Uganda’s richest businessman had to go for…
The Bank of Uganda has tasked the National Social Security Fund-NSSF to ensure there are no cases of cyber fraud as the fund launches a three-in-one social security smart card. With the card, the fund’s qualified members will be able to directly withdraw their NSSF savings, deposit and withdraw money from their bank accounts, pay…
Bank of Uganda has for the first time in the last two years raised the central bank rate by 1% percentage point to 7.5% to tame inflation, setting the pace for commercial banks to raise interest rates. The country’s commercial banks had in the previous months owed to coronavirus pandemic and slow-down in the economy…
The decision by the Supreme Court of Uganda that Crane Bank Ltd reverts to owners Sudhir Ruparelia and co-shareholders raised public excitement, for various reasons, including an assumed return of the bank into the banking industry. There were concerns about the financial implications of the decision on the national Treasury and on Ugandans generally, while…
An analysis by Cymbell Advocate, a commercial law firm in Kampala, questions the Bank of Uganda on the consequences of the lost cases against city tycoon Sudhir Ruparelia in the fight for the defunct Crane Bank which now is believed was illegally shut down and sold off by the Central Bank. On 30th June 2017…
By Dr Okodan Akwap Kampala: Government is right to partner with local businessman Sudhir Ruparelia to build an ultra-modern conference facility for holding topnotch meetings, such as the upcoming Non-Aligned Movement summit. But government can do something even better – partnering with Sudhir to reopen Crane Bank, which was closed by Bank of Uganda (BoU)…
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…
On February 11, businessman Sudhir Ruparelia won yet another victory in the Supreme Court against Bank of Uganda over the fate of Crane Bank. The central bank closed Crane Bank in October 2016 claiming it was undercapitalised. The latest ruling is a culmination of a running battle between the central bank and Sudhir for four…
Supreme Court ruling on Bank of Uganda versus Sudhir Ruparelia in Shs 397 billion case confirms Auditor General’s report that BoU officials swindled the cash in CBL sale. The Supreme Court on February 12, 2022 upheld the earlier rulings of the High Court and Court of Appeal that the Bank of Uganda (BoU) must pay…
Pressure and panic from Bank of Uganda (BoU) officials continue to leak to the public over the recent Supreme Court ruling in which the Bank was ordered to ‘vomit’ mogul Sudhir Ruparelia’s Crane Bank but also cough to him billions of all the charges he has incurred in the last five years of endless legal…
