The Commissioner, Land Registration has cancelled 48 leases previously in favour of dfcu Bank held on land belonging to Meera Investments Limited. This follows a High Court finding and subsequent ruling that dfcu illegally transferred the said leases unto themselves from the defunct Crane Bank, without the consent of Meera Investments, the original owners. The registrar of lands has also directed that dfcu Bank return the now “legally inconsequential” 48 duplicate certificates it holds, within 7 days. “You will recall that judgment in the above-captioned suit was entered in the favour of the Plaintiff, Meera Investments Limited against DFCU Bank…
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Peter C.R. Kabatsi Senior Partner, KAA Specialist Areas of Practice: Commercial Litigation, Arbitration, Employment Law and Public International Law Years of Experience: 46 years Peter C.R Kabatsi, Senior Managing Partner, Kampala Associated Advocates (KAA) If there is any law in Uganda, made between 1990 and 2002, all chances are that it went through Peter Kabatsi’s keen eyes for fine-tooth combing. As Solicitor General between 1990-2002, it was his responsibility to vet and approve all draft bills prepared by the Parliamentary Counsel. During his twelve years in office, every law that was passed was therefore drafted under his supervision. Some of…
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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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Minutes after legally slaying Bank of Uganda, for the nth time, but this time for good, Dr. Sudhir Ruparelia, has hit at certain officials of the central bank for stealing his bank, unnecessarily dragging him to court and prolonging the case for selfish gains. “These people stole my bank. They shared the legal fees in Bank of Uganda,” a bullish Dr. Sudhir charged. “In my opinion- the legal department of the Central Bank has become so corrupt, that they prolong these cases so that when they pay their lawyers the high fees, they share the fees. And that is why…
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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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After several court losses, the Bank of Uganda has withdrawn its UGX397 billion case against Dr. Sudhir Ruparelia and his Meera Investments Limited. The case had now reached at Supreme Court, following BoU’s losses with costs, at both the Commercial Court and Court of Appeal. Both courts had ruled that Crane Bank (In receivership) has no locus to sue since the Financial Institutions Act 2004 only allowed Banks in liquidation and statutory management to sue and be sued. The court ruled that a bank under receivership cannot sue. The two Courts also ruled that Crane Bank (In Receivership), over and…
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Yesterday, 12th August 2021, five Supreme Court Justices unanimously dealt a death blow to Bank of Uganda’s legal strategy, that if successful, would have reversed the several losses the Central Bank has suffered at the hands of businessman Dr Sudhir Ruparelia and his Meera Investments Ltd. The 5 justices, Rubby Opio-Aweri, Faith Mwondha, Dr Lillian Tibatemwa, Ezekiel Muhanguzi and Percy Night Tuhaise in unison dismissed BoU’s bid to substitute Crane Bank (In Receivership) with Crane Bank (In Liquidation), a move the justices said would fundamentally alter the facts the case and deny both Dr. Sudhir and Meera a chance at…
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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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