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Supreme Court dismisses Bank of Uganda’s appeal, orders central Bank to return Crane Bank shareholders

Dismissing Bank of Uganda’s appeal, Justice, Prof. Lillian Tibatemwa-Ekirikubinza, of the Supreme Court reminded the Central Bank that the receivership of Crane Bank ended after the expiration of 12 months from the date of takeover by the receiver and that it was a position at common law that where a legal relationship is terminated by effluxion of time then the rights accruing revert back to the owner. PHOTO/ Nicholas Bamulanzeki

Justice, Prof. Lillian Tibatemwa-Ekirikubinza, of the Supreme Court has today dismissed Bank of Uganda’s attempts to hold on to Crane Bank Limited and ordered that the company be returned to its shareholders following the lapse of the receivership on 20th January 2018 and the dismissal of Bank of Uganda’s case against the bank’s shareholders. Delivering her ruling today, 1st July 2022, Justice Prof. Tibatemwa-Ekirikubinza echoed the 11th of February 2022, Supreme Court ruling in which five Justices of the Supreme Court—Rubby Opio-Aweri, Faith Mwondha, Prof. Tibatemwa-Ekirikubinza, Ezekiel Muhanguzi And Percy Night Tuhaise affirmed that the receivership of Crane Bank had…

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About the Author

Muhereza Kyamutetera is the Executive Editor of CEO East Africa Magazine. I am a travel enthusiast and the Experiences & Destinations Marketing Manager at EDXTravel. Extremely Ugandaholic. Ask me about #1000Reasons2ExploreUganda and how to Take Your Place In The African Sun.

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