Matooke Republic
Wednesday, July 2, 2025
  • Home
  • News
  • Entertainment
  • Gossip
  • Features
  • Business
  • Sports
  • Health
  • Photos
  • Relationships
Matooke Republic
  • Home
  • News
  • Entertainment
  • Gossip
  • Features
  • Business
  • Sports
  • Health
  • Photos
  • Relationships
No Result
View All Result
Matooke Republic
No Result
View All Result

Court to decide on Sudhir vs BoU case on Monday

Matooke Republic by Matooke Republic
August 24, 2019
in News
Reading Time: 3 mins read
Share on FacebookShare on Twitter

The High Court will on Monday make a ruling on the preliminary objection by city tycoon Sudhir Ruparelia to throw out a case in which the Bank of Uganda took him to court, accusing him out siphoning Shs397 billion out of his Crane Bank.

The businessman, through his lawyers — Kampala Associated Advocates has rubbished claims by the Central Bank that he allegedly fleeced his own Crane Bank Ltd of Shs397 billion in fraudulent transactions. The bank was taken over by BoU in October 2016 and controversially sold to Dfcu in January 2017.

Commercial Court head Justice David Wangutusi set August 26 for the ruling after Mr Ruparelia through his lawyers Kampala Associated Advocates  asked court to dismiss the BOU case arguing that the central bank overstepped it’s mandate in filing the case.

RELATED POSTS

Former CID boss Grace Akullo among victims of violent robbery during Museveni nomination event

US Embassy warns Ugandans against using visas to give birth in America for citizenship

During the hearing, KAA lawyer Elison Karuhanga submitted that when dissolving Crane Bank, BoU had three options — putting it under statutory management, receivership or liquidation.

“The central bank chose to go for receivership. Under the law, specifically, only the manager and the liquidator can sue. The case cannot be filed by a receiver,” Karuhanga argued.

“The receiver cannot be sued on that act and cannot sue anyone. His action is protected by the law,” Karuhanga said.  

He added that receivership is limited by time as the law gives the receiver 12 months to carry out his or her functions.

According to Karuhanga, BoU had 12 months within which to carry out the four functions which did not include suing.

In the other contentious issue where Sudhir and his Meera Investments are accused to transferring Crane Bank properties to Meera, his lawyers contend that under Land Act, a non-citizen cannot hold freehold property.

The majority shareholder in Crane Bank was White Sapphire Ltd, a company incorporated in Mauritius.

BoU’s lawyer Dr. Joseph Byamugisha in defence of the Central Bank submitted to court that when a financial institution is placed under receivership, the power to commerce or to continue with the civil suit does not stop.

Meanwhile Sudhir successfully petitioned court to block lawyers Kanyererezi Masembe of MMAKS Advocates, David Mpanga and Sebalu & Lule Advocates from representation in the case after court ruled that they were conflicted as they had previously served as his lawyers. But Monday’s ruling if in Sudhir’s favour will be the most important win.

Related

Tags: Sudhir
Share3Tweet2Send
Matooke Republic

Matooke Republic

Freshly peeled info from area code 256

Related Posts

India at 78: From politics to business, Sunak to Kamala, Sudhir to Sundai, why they are running the world

by Matooke Republic
11 months ago

...

Nepal consul Sudhir rallies Nepalese, Ugandans in blood donation drive

by Matooke Republic
1 year ago

...

Lands Registry cancels titles of 48 former Crane Bank branches held by Dfcu, returns them to Sudhir

by Matooke Republic
2 years ago

...

Sudhir wins London Court of Appeal case to prosecute DFCU Bank over corruption involving BoU officials in $211m Crane Bank Takeover Case

by Matooke Republic
2 years ago

...

Sudhir relocates 20-year-old trees to new convention centre as it readies to host NAM Summit

by Matooke Republic
2 years ago

...

Next Post

PHOTOS: Nigerian crooner Nonso Amadi’s lives up to the billing at the 4th Edition of Shorts Na Lessu

PHOTOS: MoRoots enchants fans with “From the Sun” music album launch

RECOMMENDED

Equity Group Managing Director and CEO, Dr. James Mwangi.

Equity Group secures approval to open UAE office

July 1, 2025
Grace Akullo.

Former CID boss Grace Akullo among victims of violent robbery during Museveni nomination event

July 1, 2025
  • 643 Followers
  • 23.9k Followers

MOST VIEWED

  • Here is how to use NIRA’s new online portal to register or renew your national ID

    3717 shares
    Share 1487 Tweet 929
  • Dj Karo finally wins over Cedric Babu’s heart, introduction underway

    178 shares
    Share 71 Tweet 45
  • Kampala University proprietor Prof Kateregga’s wife rejects DNA results indicating one of three children is not his, demands fresh test in the United States

    89 shares
    Share 36 Tweet 22
  • DNA test confirms late MP Ssegirinya was father to only 4 of 9 children presented after his death

    74 shares
    Share 30 Tweet 19
  • Cedric Babu Ndilima, son of Capt. Francis Babu, dies after battle with heart condition

    118 shares
    Share 47 Tweet 30
Matooke Republic

Uganda's only free Newspaper. Out every Thursday. Freshly peeled info. kiwatule, Kampala, Uganda.

  • Home
  • News
  • Entertainment
  • Gossip
  • Features
  • Business
  • Sports
  • Health
  • Photos

© Matooke Republic 2024

© Matooke Republic 2024

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.