Log in

BoU, Crane Bank to appeal Monday court ruling

Sudhir Ruparelia addressing the media on Monday

Sudhir Ruparelia addressing the media on Monday

Crane bank (in receivership) intends to appeal against the whole of the decision given by Justice David Wangutusi on August 26, 2019, as per Notice of Appeal Application 320 of 2019 filed in the High court, Tuesday.

The High court Justice Wangutusi on Monday, August 26, ruled that Crane bank (in receivership) did not have any jurisdiction to file Civil Suit No. 493 of 2017 against Mr. Sudhir Ruparelia and Meera Investments Limited, and therefore dismissed the suit.

Crane bank (in receivership) is dissatisfied with the decision of Justice Wangutusi, and has served a copy of the Notice of Appeal to Kampala Associated Advocates, the legal representatives of Mr Sudhir Ruparelia and Meera Investments Limited.

On June 30, 2017, Crane Bank Limited (in receivership) took Mr. Sudhir Ruparelia and his Meera Investments Ltd. to court for causing financial loss amounting to Shs 397 billion to Crane bank in fraudulent transactions and land title transfers.

Crane bank (in receivership) in its Civil Suit No. 493 of 2017 sought High court to compel Mr. Ruparelia to pay back the $80,000,000, $9,270,172.00, $ 3,560,000.00, $990,000.00 and Shs 52,083,995.00 as compensation for breach of fiduciary duty.

While Justice Wangutusi dismissed the Shs 397 billion case against Mr. Ruperalia on a technicality, alleging that Crane bank (in receivership) lost its powers to “sue” and to “be sued”, thus rendering its suit a nullity, Crane bank (in receivership) maintains that receivership is a management situation, and hence no legal change as to capacity of a company to sue and be sued.

Bank of Uganda would like to reassure the public that it is committed to pursuing this matter to its logical conclusion.


0 #1 Concerned Ugandan 2019-08-28 09:56
It was rather comical to see Sudhir celebrating a win in court based on a mere technicality and not the substantive merits of the case.

A technicality can always be appealed or even simply lead to a fresh suit being filed on the same facts having rectified the issue leading to the technicality.

It was therefore also quite amateurish for Sudhir's lawyers to also be seen celebrating as if this matter had already been settled in finality before the Supreme Court. I would advise KAA advocates to be mindful of the old adage, "He who laughs last laughs longest."

This case is far from being at the point of the last laugh!
Report to administrator
0 #2 WADADA roger 2019-08-28 12:08
Wapi. who is being fooled here, Ugandans of course, Let BOU you appeal but we know it is a game, it is a syndicate in which they want to steal tax payer's money and share with Sudhir.

The appeal will definitely not succeed and so will a further appeal to the supreme court, God have mercy, Uganda is doomed
Report to administrator

Comments are now closed for this entry