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…
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…
In January 2017, Crane Bank was acquired by DFCU Bank at a cost of Shs200 billion ($52.8 million) on grounds that it was undercapitalized as declared by the regulator Bank of Uganda. Crane Bank whose proprietor is businessman Sudhir Reparelia remained open under statutory management until most of its assets and liabilities would be transferred…
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…
The Bank of Uganda (BoU) has decided to withdraw a Supreme Court appeal that was contesting the Court of Appeal’s dismissal of the case it filed on behalf of Crane Bank Ltd (in Receivership) vs. Sudhir Ruparelia and Meera Investments Ltd. In a September 15 notice of withdrawal, the Supreme Court Registrar indicates that BoU…
What was set to be a blockbuster legal battle could end on a whimper after last week’s Supreme court ruling dismissed an application by the Bank of Uganda to amend its appeal Sudhir Ruparelia and Meera Investments Ltd. The protracted legal war, which started in 2017 after BOU’s closure of Crane bank, had a significant…
DFCU bank has announced that shareholders of former Crane Bank Limited have filed a claim in the English High Court over its takeover of some assets and liabilities of the bank in 2017. This website understands that DFCU Bank is a subsidiary of DFCU Limited. Arise BV, and the majority shareholder in DFCU Limited is…
The Supreme Court has dismissed an application in which Bank of Uganda sought permission to amend the Memorandum and record of appeal before hearing the Crane Bank appeal case. Bank of Uganda wanted substitute Crane Bank Limited (in receivership) with Crane Bank Limited (in liquidation), saying it is still a licenced financial institution under resolution…
On November 9, Bank of Uganda (BoU) announced that it had commenced Crane Bank’s liquidation in a notice signed by Profesor Emanuel Mutebile the Central Bank’s Governor. “Bank of Uganda (BoU) took over management of Crane Bank Ltd (CBL) on October 20, 2016 and subsequently progressed it into receivership on January 24, 2017. In exercise…
By Seruga Titus One would assume that at the time of closure Crane Bank had cash in all its branches, Crane Bank had cash in safes, and money at the Central Bank, what happened to this money? Did it all go to BoU officials as goodwill, under normal circumstances an audit should have been done…
