Last Month, the Supreme Court of Uganda issued an official decree directing Bank of Uganda to pay costs to businessman Sudhir Ruparelia and his Meera Investments Ltd following its February 11th 2022 landmark ruling in the Crane Bank case. In the 1st July, 2022 order, the Supreme Court also told Bank of Uganda to return…
Bank of Uganda (BoU) is seeking to hire an independent audit firm that will carry out a comprehensive audit on the current state of affairs of the now-defunct Crane Bank, six years after the same commercial bank was closed. According to an advert published in one of the local newspapers, BoU said it is now…
Recently, the board of DFCU Bank Limited appointed Dr Winifred Mary Tarinyeba Kiryabwire as the Board Chairperson amidst the bank’s staggering status that has seen it losing millions of customers. Remember that Winifred’s appointment was after the bank releasing its 2021 results showing it had lost UGX313 billion or 12% of its customer deposits. Deposits,…
The landmark victory for billionaire Sudhir Ruparelia against Bank of Uganda in the battle for the ‘Crane Bank’ was expected. The ruling however left many asking who was advising the Bank of Uganda on legal matters. This follows the assessment of several accountability and legal agencies in the country including the Auditor General’s office and…
The controversy between Crane Bank and Bank of Uganda came to an end after businessman Sudhir Ruparelia obtaining a final Supreme court order allowing him to revert Crane bank back to its shareholders. In January 2017, Crane bank was acquired by dfcu bank at Shs 200 billion after the central bank ruled that it was…
The Supreme Court decision directing that Crane Bank Ltd be reverted to its owners has raised a lot of mixed feelings, for it comes with a legal and cost implication which in one way or another will affect the ordinary Ugandan. The costs associated with the case will naturally be forked from the consolidated fund…
In the year 2007, Crane Bank Limited announced that it was planning to expand into the neighboring countries and yes this dream was fulfilled and officially launched operations in 2014, but shortly after greedy Bank of Uganda (BoU) mafias swung into action with all sorts of dirty games to shut this development. The above step…
The Supreme Court in Kampala has ordered Bank of Uganda (BoU) to pay dispute costs after losing yet again in the aftermath of the closure and liquidation of Crane Bank Ltd, owned by businessman Sudhir Ruparelia. In a ruling delivered on Friday, July 1, a panel of three judges led by Justice Prof. Lillian Tibatemwa-Ekirikubinza…
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…
