After several court losses, the Bank of Uganda has withdrawn its UGX397 billion case against Dr. Sudhir Ruparelia and his Meera Investments Limited. The case had now reached at Supreme Court, following BoU’s losses with costs, at both the Commercial Court and Court of Appeal. Both courts had ruled that Crane Bank (In receivership) has no locus to sue since the Financial Institutions Act 2004 only allowed Banks in liquidation and statutory management to sue and be sued. The court ruled that a bank under receivership cannot sue. The two Courts also ruled that Crane Bank (In Receivership), over and…
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