City talkative Journalist Andrew Mujuni Mwenda has advised the frustrated Bank of Uganda (BoU) to concede in the four-year old legal battle with city tycoon Sudhir Ruparelia and his Meera Investments Ltd following the latest Supreme Court ruling that quashed the central bank bid to liquidate the defunct Crane Bank Ltd. This comes after an…
In the wake of events surrounding the Supreme Court decision to nullify the liquidation of Crane Bank Limited, Businessman Sudhir Ruparelia has through his legal team led by Kampala Associated Advocates sued the head of Bank of Uganda’s (BOU) Legal department Margaret Kaggwa Kasule for contempt of Court. According to Sudhir, Kasule has on many…
Today, the Supreme Court delivered yet another ruling in favour of Sudhir in which it emphasised that the appeal filed before it by Bank of Uganda had no chance of success. This is the fourth application that has been won by Sudhir in the Supreme Court from the time Bank of Uganda appealed the decision…
Last week a letter from President Yoweri Kaguta Museveni directing the Bank of Uganda Governor, Prof. Emmanuel Tumusiime Mutebile, to investigate the foreclosing of properties, belonging to Architect Peter Kamya of Simbamanyo Estates Ltd surfaced on social media. In the 3rd September 2021 letter (Reference No. PO/19), titled “Claims Of Illegal Sale Of Simbamanyo House…
Bank of Uganda has defended the decision by Equity Bank to auction Simbamanyo House and Afrique Suits saying the transaction was done under the law. BoU says Simbamanyo and Mr. Kamya failed to respect their loan obligation when they (Kamya) failed to payback the loan as agreed by parties as he continued receiving money from…
The President of Uganda Yoweri Kaguta Museveni has ordered Bank of Uganda Governor Emmanuel Mutebile to expenditiously investigate the sale of Simbamanyo House and Afrique Suites by Equity Bank and report to him within one week. The president came in after Mr Peter Kamya and Margaret Muganwa appealed for his intervention. According to the president,…
In an unexpected turn of events, Bank of Uganda (BoU) on 15th September announced it was withdrawing Civil Appeal No. 7of 2020 which they (via Crane Bank Limited (in receivership) has logged in the Supreme Court against businessman Dr Sudhir Ruparelia and Meera Investments Limited. In the same spirit, Bank of Uganda stated that it will…
Award winning human rights lawyer Isaac Ssemakadde of -Center for -Legal Brains Trust has congratulated City tycoon, philanthropist Dr. Sudhir Ruparelia upon a landslide win. After years of endless battle in various courts of law in Uganda, the Bank of Uganda this week gave up against Sudhir and Meera Investments whom they had sued for allegedly…
Bugweri County Member of Parliament Abdu Katuntu has welcomed the ruling by Constitutional Court stripping of legal immunity from Bank of Uganda saying it was long overdue. Mr. Katuntu is a seasoned legislator who chaired the Committee on Commissions, Statutory Authorities and State Enterprises (COSASE) of parliament that investigated Bank of Uganda on the issue…
In a landmark ruling by the Constitutional Court, Bank of Uganda and it’s employees have lost immunity against legal proceedings and it can now be sued. Previously, BoU was protected by Sections 118 and 124 of the Financial Institutions Act which stated that; “No suit or other legal proceedings shall lie against the Central Bank…
