The legal battle between dfcu Bank and the defunct Crane Bank over mortgages worth billions of shillings shows no signs of abating, this website can reveal. As case filing enters the latter stages, clients who took out mortgages with Crane Bank before it went under the central bank’s hammer find themselves condemned to a life…
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…
Several public officials, most recently Investment Minister Evelyn Anite have talked about “mafia” in government but one man Dr. Sudhir Ruparelia knows how to win against them. And unlike public figures who fear to mention the mafia, Sudhir didn’t shy away from saying that former BoU Executive Director In Charge of Commercial Bank Supervision Justine…
City businessman Sudhir Ruparelia, who is the proprietor of Ruparelia Group of Companies, is having the last laugh after court ruled Bank of Uganda erred in closing and selling Crane Bank to dfcu bank, after flouting all the regulations of winding up a company and putting it under receivership. Besides that victory, court had ruled…
Commonwealth Development Corporation (CDC) Group, the United Kingdom’s development finance institution recently announced its decision to sell its remaining 9.97% stake in the troubled dfcu bank. The shareholding was sold to IFU, the Danish development finance institution. CDC made its first investment in DFCU in 1964 as a founding partner to the bank and has…
The government of Uganda has not yet taken punitive action against Bank of Uganda (BoU) officials for the closure of seven commercial banks three years after the recommendation was made by Parliament. In 2019, Parliament’s Committee on Commissions, Statutory Authorities and State Enterprises (COSASE recommended that senior BoU officials be individually held responsible for the…
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…
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)…
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…
