Attempts by Bank of Uganda to liquidate Crane Bank are illegal and could cost taxpayers more money, should it go ahead, several lawyers that CEO East Africa magazine has spoken to have said. Yesterday, the Central Bank put an announcement on its social media channels, purporting to place Crane Bank under liquidation. “Bank of Uganda (BoU) took over management of Crane Bank Ltd (CBL) on October 20, 2016 and subsequently progressed it into receivership on January 24, 2017. In exercise of its powers under section 99 (1) & (2) of the Financial Institutions Act, 2004, BoU has now placed CBL…
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