October 24, 2020
October 24, 2020

BoU to appeal 397bn Case against tycoon Sudhir


By Andrew Visper
Bank of Uganda and Crane bank (in receivership) says it intends to appeal against a decision by Commercial Court that recently ruled in favor of City businessman tycoon Sudhir Ruparelia in a 397bn case. On 26 of August 2019
The High Court Judge Justice Wangutusi decided that Crane Bank (in receivership) did not have any jurisdiction to file a civil suit No. 493 of 2017 against Sudhir Ruparelia and Meera Investments Limited, and therefore dismissed the suit.
Bank of Uganda is dissatisfied with the decision of Justice Wangutusi and has served a copy of Notice of Appeal to Kampala Associated Advocates, the legal representatives of Mr. Sudhir Ruparelia and Meera Investments Limited.
On June 30, 2017, Crane Bank Limited (in receivership) took Mr. Ruparelia and Meera Investments Limited to court for causing financial loss amounting to UGX. 397bn to Crane Bank in fraudulent transactions and land title transfers.
Crane Bank (in receivership) sought high court to compel Mr. Ruparelia to pay back more than $92m as compensation for breach of fiduciary duty.
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