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Court of Appeal Justices, Alphonse Owiny Dollo; Cheborion Barishaki and Stephen Musota have today agreed with earlier ruling by Commercial Court Judge, Hon Mr. Justice David K. Wangutusi’s August 26th 2019 that a bank in receivership, under the Financial Institutions Act (2004) cannot sue or be sued and therefore and therefore Crane Bank (in receivership) cannot and should not have sued businessman Dr. Sudhir Ruparelia and his company Meera Investments. Delivering their ruling today, Civil Appeal 252 of 2019 at the Court of Appeal, the trio also ruled that Crane Bank (in receivership) being a foreign owned bank, cannot own…
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The embattled dfcu bank has come out to dismiss claims that it has commenced closure of 22 branches countrywide which it has termed as fake news. On Sunday, the bank issued a statement and requested the public to ignore what it refers to as non-factual stories doing the rounds on social media, that the closure starts on October 14. “The Bank wishes to clarify that the purported notice in respect to branch closures is false and did not originate from dfcu Bank,” the notice reads in part. The clarification notice further explains that during the bank’s annual general meeting in June,…
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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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