Crane Bank Archives - Page 2 of 4

BoU, Crane Bank Saga: Supreme Court Confirms Auditor General’s Report Shs 397 Bn Was Swindled By Greedy BoU Officials In Bank Sale

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

March 1, 2022

Business

EDWIN MUZAHURA: Why Crane Bank Should Be Reopened Immediately!

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

February 6, 2022

Business

Why Sudhir’s Lawyers Want Crane Bank Returned To It’s Original Share Holders

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

November 16, 2021

Business

BoU To Cough Billions In Costs After Withdrawing Appeal Against Sudhir

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

September 19, 2021

Business

Big Story: Bank Of Uganda Withdraws Appeal Against Sudhir In Crane Bank Saga, Accepts To Pay Costs!

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

September 16, 2021

East Africa

Latest Protracted Legal War Setback In Crane Bank Case Leaves BoU On Brink

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,

August 21, 2021

News

DFCU Troubles Escalate As Ex Crane Bank Shareholders Drag Staggering Bank To English High Court

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

August 17, 2021

Business

Supreme Court Dismisses BoU Application To Amend Crane Bank Case

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

August 13, 2021

News

Unearthing Rot In BoU: Leaked Meeting Minutes Indicate Top Managers Knew Liquidating Crane Bank Was Illegal But Adamantly Proceeded

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,

November 18, 2020

Business

Seruga Titus: BoU Injects Shs 475Bn In Crane Bank For Three Months But Fails To Account For It

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

November 17, 2020

Crane Bank - Page 2