In a groundbreaking verdict, dfcu Bank has been directed to vacate a set of prime properties owned by Mera Investments within the coming three months. Mera Investments is owned by prominent businessman Sudhir Ruparelia. This momentous ruling was issued by Justice Tadeo Asiimwe, a distinguished Land Division Judge at the High Court, following an extended legal…
Dfcu Bank has registered a decline of Shs11.9 billion in operating income, the audited financial results for the year that ended on December 31, 2022. The results indicate that the bank registered a loss of Shs4.8 billion in net interest income whereas the operating expenses grew from Shs179.6 billion to Shs299.4 billion in the last…
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…
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…
Recently, this website broke a story on how Bank of Uganda (BoU) wrote to the Supreme Court seeking permission to withdraw an appeal they had filed on June 23rd, 2020, against businessman Sudhir Ruparelia contesting Justice David Wangutusi’s 2019 ruling, in which he declared that BoU illegally wound up Crane Bank and sold it to…
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…
The Supreme Court has on Monday October 4, 2021 ruled that liquidation of defunct Crane Bank Limited which was taken over by Bank of Uganda is illegal. According to Supreme Court, Crane bank was closed as a financial institution and placed under receivership and hence after closure, it ceased being a financial institution. The Court…
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…
