controversial sale of Crane Bank Archives

We will relentlessly pursue dfcu Bank and its owners in English courts⏤ Crane Bank shareholders vow after London win

Muhereza KyamuteteraBusiness & Markets News & Analysis The Big StoryJuly 30, 2023July 30, 2023

Fresh from securing an English appellate court order that dfcu Bank, its former management and directors, must answer claims that they participated in corruption and bribery of Central Bank officials so as to buy the former Crane Bank on the cheap, shareholders of the now closed Crane Bank have welcomed the ruling and vowed to pursue their search for justice in English courts. In a media statement released on Friday, 28th July 2023, Crane Bank shareholders said they were “delighted with the judgment of the Court of Appeal, which vindicates their position” that “their claim for hundreds of millions of…

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Sudhir vs. dfcu Bank: London appellate court orders dfcu and its former managers to pay UGX8.8 bn in costs

Muhereza KyamuteteraBusiness & Markets Legal & Justice The Big StoryJuly 27, 2023July 27, 2023

A London Court of Appeal has ordered dfcu Bank, its holding company, dfcu Limited, as well as dfcu Bank’s former board chairman, Jimmy Mugerwa (now dfcu Limited Chairman), Juma Kisaame and William Sekabembe, the bank’s former Managing Director and Executive Director respectively, to pay shareholders of the former Crane Bank Limited (CBL), ￡1,875,000 (UGX8.8 billion) in court costs. This follows the appellate court’s ruling that there are “serious issues to be tried” in a case the former Crane Bank Limited shareholders⏤ Dr. Sudhir Ruparelia, Jyotsna Ruparelia, Meera Ruparelia, Rajiv Ruparelia, Tom Mugenga and Sheena Ruparelia brought against dfcu Bank, for…

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Doubtful about BoU’s ability to secure former Crane Bank branches, defenseless dfcu starts vacating Sudhir properties

Muhereza KyamuteteraThe Big StoryOctober 5, 2019October 18, 2019

Following the dismissal, by the Commercial Court, of a case in which Bank of Uganda laid claim and sought vacant possession together with released freehold certificates of titles to 48 properties belonging to Ruparelia Group, that the central Bank had illegally sold to dfcu Bank, CEO East Africa understands dfcu Bank is in the process of vacating those properties. Although the Central Bank has appealed the particular court ruling, this website understands dfcu’s move is to mitigate any possible risks and disruptions to business, should BoU lose the appeal and Meera Investments has to swiftly repossess those properties. A confidential…

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