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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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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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Five Justices of the Supreme Court have today unanimously delivered the last stroke that has broken the back of Bank of Uganda’s 5-year failed attempt to sue billionaire businessman, Dr Sudhir Ruparelia and his Meera Investments Limited (MIL) over the closed Crane Bank. Well, the Bank of Uganda had already consented that it had a bad case ― they on 15th September 2021 notified the Supreme Court of their intention to withdraw the multi-billion dispute, so today’s ruling was really about who should pay the costs, a bid the central bank again lost, adding to a pile-load of other losses…
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The wheels of justice turn slowly, but grind exceedingly fine, Bank of Uganda has sadly learnt, albeit too late. This is after pouring several billions of taxpayer money, down the pockets of several of its highly billed external law firms, in what would eventually amount to putting good money after bad money. But let us rewind the clock first, back to 2016. The Central Bank, on 20th October 2016, at the command of the then Deputy Governor, Dr Louis Kasekende and Director of Commercial Bank Supervision, Justine Bagyenda, in the exercise of their statutory powers, seized Crane Bank, at the…
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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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Despite having chaired a meeting that resolved that Bank of Uganda should await a Supreme Court’s decision on the transition of Crane Bank Limited from receivership to liquidation, the Deputy Bank Governor Mr. Michael Atingi-Ego on November 4th 2020 advised the Governor that the controversial liquidation should go on. Bank of Uganda on 09th November 2020 in a public notice by the Governor, Prof. Emmanuel Tumusiime Mutebile, said that it had commenced liquidation and had as such ordered winding up of its affairs- a move that has met mixed reactions from legal experts. “Bank of Uganda (BoU) took over management…
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Prior to 2017 and for a long time, everyone knew Bank of Uganda Governor, Prof. Emmanuel Tumusiime Mutebile as a no-nonsense man. The tough-talking Mutebile, together with her iron-lady Executive Director Bank Supervision, Justine Bagyenda had what seemed like a good game going on. So infallible was Bank of Uganda at the time that when it closed National Bank of Commerce on 27th September 2012 and Global Trust Bank on 25th July 2014 the unknowing public was in deep support. Then on 20th October 2016, BoU placed Crane Bank, the third-largest bank at the time under statutory management, then went…
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2015: For much of 2015, interest rates rose sharply, opening the year at an average 21.69% and by February 2016, had reached a 4-year high of 25.22%. This was partly due to a Bank of Uganda spike in the Central Bank Rate which opened 2015 at 11% but closed 2015 at a 3-year high of 17%. This dragged on until March 2016. As night follows day, borrowers started defaulting across the industry. Crane Bank, which was the fourth-largest lender at the time, got severely injured.March 2016: As a result of the default on the loans, BoU wrote to CBL directing…
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In 3 years alone, dfcu has earned in excess of UGX60 bn in profits from the Crane Bank deal. Add that to the UGX39 billion dfcu was aided to evade in interest on the deferred purchase price to the UGX37 billion profit dfcu stands to make, if BoU goes ahead to pay the UGX47 billion claim, dfcu Bank will have earned about UGX140 billion- that is all before they even complete the full UGX200bn purchase price for Crane Bank!
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Ruparelia Group Chairman, Dr Sudhir Ruparelia and Meera Investments Limited, one of his real estate companies, have applied to the Commercial Court, asking it to dismiss case HCCS 493 of…
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