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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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On October 24th 2023 the High Court in Kampala ruled that dfcu Bank illegally transferred to itself, 48 properties that Crane Bank had leased from Meera Investments before the seizure. Meera belongs to Dr. Sudhir Ruparelia, Crane Bank’s second-largest shareholder at the time. Court has now ordered dfcu to pay UGX2.4 billion to Meera Investments over and above repairing and restoring all the 48 properties into tenantable position. But that’s not all, the Bank of Uganda has since lost the Court battle against the businessman and is now facing hundreds of billions in costs and damages, and the entire transaction…
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