By Andrew visper
Commercial Court judge David Wangutusi , has dismissed over 397 million case that Bank of Uganda had filed against city tycoon, Dr. Sudhir Ruparelia putting an end a two-year legal battle between crane bank and BOU.
In his ruling, Justice David Wangutusi, said that Crane Bank in receivership at the time of instituting the commercial suit against the businessman and his Meera Investments company, was none existent, hence never had powers to sue.
The Court further ordered BoU to pay all the costs Dr Ruparelia had spent in prosecuting this law suit, on grounds that it’s the one that lodged the suit on behalf of defunct Crane Bank.
The lawyers of Crane Bank accused Mr Ruparelia of taking Shs397b out of the financial institution in fraudulent transactions and land title transfers.
However, the businessman argued that when Crane Bank went into receivership, it lost its powers to “sue” and to “be sued”, rendering its suit against him and Meera Investments Company, a nullity
Meanwhile shortly after the judgement, Tycoon sudhir Ruperelia who looked very happy stated that he had defeated the mafias who were fighting him
“The mafia stole my 25 years of hard work which I put up to establish crane bank. They just sold it to DFCU and they even failed to account for the money they claim to have injected in it. I will recover all my money lost because of the mafias.” Said Dr. Sudhir