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…
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.…
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…
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…
The Parliament of Uganda through Igara East Member of Parliament, Hon Michael Mawanda is working on a, ‘Constitution (Amendment) Bill, that seeks to, among others, remove the Governor and Deputy Governor of Bank of Uganda from being Chairperson and Vice Chairperson respectively of the Central Bank. According to Hon. Mawanda, the decision making authority is…
The Supreme Court has said it will at a later date rule on who between Bank of Uganda (BoU) and Crane Bank in receivership pays the legal costs to businessman Sudhir Ruparelia in the multibillion commercial dispute. This follows submissions by Mr Ruparelia’s lawyers led by Peter Kabatsi yesterday, asking the justices of the Supreme…
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…
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…
