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FINITO: BoU case against Dr. Sudhir Ruparelia suffers its worst defeat as Supreme Court declares move to liquidate Crane Bank (In Receivership) illegal

Following a lengthy court process that exposed both the incompetence of the legal team at the central bank and the massive flaws within its regulatory practices especially in the way several banks were taken over, closed and sold, under Mutebile’s watch or lack thereof, the central bank’s much publicised case against the billionaire businessman has crumbled like a pack of cards. It remains to be seen how much more the central bank will lose in terms of legal costs.

Just weeks after Bank of Uganda withdrew its UGX397 billion Supreme Court case against Dr. Sudhir Ruparelia and his Meera Investments Limited, today the Supreme Court handed the central bank, yet another defeat by dismissing its attempts to enter Crane Bank into liquidation. In a judgement made today, the Supreme Court ruled that Crane Bank (Under Receivership) was no longer a financial institution and therefore was outside the jurisdiction of the central bank. “The 1st respondent was closed as a financial institution and placed under receivership. Upon closure, it ceased being a financial institution under the Act (Financial Institutions Act…

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