BoU loses Court of Appeal UGX397bn case against Dr. Sudhir; could face lawsuit of up to UGX600 billion

Court of Appeal Justices, Alphonse Owiny Dollo; Cheborion Barishaki and Stephen Musota have today agreed with earlier ruling by Commercial Court Judge, Hon Mr. Justice David K. Wangutusi’s August 26th 2019 that a bank in receivership, under the Financial Institutions Act (2004) cannot sue or be sued and therefore and therefore Crane Bank (in receivership) cannot and should not have sued businessman Dr. Sudhir Ruparelia and his company Meera Investments. Delivering their ruling today, Civil Appeal 252 of 2019 at the Court of Appeal, the trio also ruled that Crane Bank (in receivership) being a foreign owned bank, cannot own…