• Contact Us
  • About Us
  • Advertise
  • Donate
  • Login
Watchdog Uganda
  • Home
  • News
    • National
    • Politics
    • World News
    • Media Outreach Newswire
    • Africa News
    • Tourism
    • Community News
    • Luganda
    • Sports
      • Football
      • Motorsport
  • Op-Ed
    • #Out2Lunch
    • Conversations with
    • Politics
    • Relationships
  • Business
    • Agriculture
    • CEOs & Entrepreneurs,
    • Companies
    • Finance
    • Products
    • RealEstate
    • Technology
  • Entertainment
    • Lifestyle
  • People
    • Showbiz
      • Salon Mag
  • Special Report
    • Education
    • Voices
  • Reviews
    • Products
    • Events
    • Hotels
    • Restaurants
    • Places
  • WD-TV
  • Donate
  • China News
No Result
View All Result
  • Home
  • News
    • National
    • Politics
    • World News
    • Media Outreach Newswire
    • Africa News
    • Tourism
    • Community News
    • Luganda
    • Sports
      • Football
      • Motorsport
  • Op-Ed
    • #Out2Lunch
    • Conversations with
    • Politics
    • Relationships
  • Business
    • Agriculture
    • CEOs & Entrepreneurs,
    • Companies
    • Finance
    • Products
    • RealEstate
    • Technology
  • Entertainment
    • Lifestyle
  • People
    • Showbiz
      • Salon Mag
  • Special Report
    • Education
    • Voices
  • Reviews
    • Products
    • Events
    • Hotels
    • Restaurants
    • Places
  • WD-TV
  • Donate
  • China News
No Result
View All Result
Watchdog Uganda
No Result
View All Result

Crane Bank saga: Highlights into Sudhir’s filed defence

Mulema Najib by Mulema Najib
8 years ago
in Business, News
2 0

Warning: Trying to access array offset on value of type bool in /home/90/81/2028190/web/wp-content/themes/jnews/class/Image/ImageNormalLoad.php on line 70

Warning: Trying to access array offset on value of type bool in /home/90/81/2028190/web/wp-content/themes/jnews/class/Image/ImageNormalLoad.php on line 73
ShareTweetSendShare

By Najib Mulema

Property mogul Sudhir Ruparelia through his lawyers Kampala Associated Advocates on Thursday filed their defence in a case Sudhir and his Meera Investments, are accused of siphoning Shs400 billion from the now defunct Crane Bank.

In this case, Crane Bank (in receivership) is the plaintiff, Sudhir is the defendant number one and Meera Investment is defendant number two.

The defence was filed and received on 3 August, 2017 by High Court of Uganda Commercial Division.

Sudhir and Meera Investment Limited deny every allegation leveled against them by Crane Bank.

Sudhir and Meera Investments contend that Crane Bank is not entitled to any of the allegations and they deny having extracted any sums from Crane Bank.

The property mogul further denies any knowledge of non-remittance of his former employees’ NSSF contributions citing that in case there was any non-remittance of the alleged contribution, it was done without his knowledge.

The defendants further deny any fraudulent transfer of property under their direction stating that Crane Bank is not entitled to any reliefs claimed.

Sudhir and his Meera Investments limited have asked Court to dismiss the case with costs since it was represents an abuse of court process and it was brought in bad faith.

The defendants revealed that they have no intention to sue on the claims set out by Crane Bank and has no cause of action against them.
Sudhir contends that the suit is filed in breach of the advocate –client relationship citing a conflict of interest in the case. M/s MMAKS Advocates are Crane Bank’s lawyers yet previously they also served as Sudhir’s lawyers.

Sudhir alleges that him, Crane Bank and Bank of Uganda entered into a Confidential Settlement and Release Agreement (CSRA) agreeing to settle the case outside court thus refraining from instituting, directing, procuring, instigating , claims, sanctions and demands.
The CSRA was supported by valuable consideration and was entered into freely and willingly between and among parties.

Sudhir contends that all the allegations by Crane Bank and BoU that he extracted $80 million and the so called fraudulent extraction of money through Technology, are based on a document authored by the International audit firm known as Price Water House Coopers (PWC).

He says the document is a draft PWC Report dated 13 November, 2014, which is a whole two years before Crane Bank was placed under receivership.

According to Sudhir, at no time since 13 November, 2014 was he, any member of the Board of Directors of Crane Bank, asked any question concerning the PWC report.

On 14 April 2015, BoU held a meeting with Crane Bank and its external auditors-KPMG for the purpose of approving Crane Bank accounts for the year ended 31 December, 2014but no mention of any allegations in the draft PWC report was made.

Further, following the PWC report dated 14 November, 2014, BoU conducted an onsite inspection and the Director of supervision at BoU Justine Bagyenda held a meeting with Crane Bank board but also did not raise any issues that are alleged in the draft PWC Report .

Sudhir contends that the suit was instant with the main purpose of intimidating, humiliating and blackmailing him and Meera Investments thus stating to court that the suit mounts to an abuse of court process.

The Ruparelia Group chairman listed the reasons that led to the collapse of Crane Bank blaming Bank of Uganda for having let down the fourth largest bank in Uganda with assets in excess of shs1.8 trillion as of October, 2016.

In defence, Sudhir says that the allegation that he solely owned Crane Bank is totally false. He admits that he is a substantial shareholder within the context of s.3 of the financial institution Act which defines a substantial shareholder as a person with more than 5% of the shares.


Do you have a story in your community or an opinion to share with us: Email us at editorial@watchdoguganda.com
ShareTweetSendShare

Related Posts

News

President Museveni rallies Kampala mechanics to actively embrace wealth creation efforts

15th July 2025 at 10:08
Maama Janet and President Museveni visited Mrs. Fausta Nalweyiso on Monday in Kibumbiro, Busega. The President praised her dedication to the Parish Development Model through her piggery project which he found very impressive.
Agriculture

MIKE SSEGAWA: Museveni’s PDM Tour; A Journey of Connection and Transformation

14th July 2025 at 22:49
Community News

Justice George Kanyeihamba Passes Away at 85, Leaving a Lasting Legacy in Uganda

14th July 2025 at 09:39
Next Post

New Coach Micho has unfinished business with Pirates

  • Prostitution in Uganda- Courtesy Photo

    10 dangerous hotspots known for prostitutes in Kampala

    1137 shares
    Share 455 Tweet 284
  • Silent Billionaire Bosco Muwonge Buys Mukwano Arcade at UGX 250 Billion Cash Down

    57 shares
    Share 23 Tweet 14
  • Who is Bosco Muwonge, Uganda’s elusive real estate billionaire?

    41 shares
    Share 16 Tweet 10
  • LIST: New salary structure for civil servants starting July 2020 out; scientists, lecturers get juicy pay rise

    2291 shares
    Share 916 Tweet 573
  • Uganda’s Billionaires 2025: Once Again Sudhir Ruparelia Leads a Resilient Pack

    51 shares
    Share 20 Tweet 13
Facebook Twitter

Contact Information

Watchdog Uganda is a portal for solution journalism, trending news plus cutting edge commentaries in the fields of politics, security, business, tourism, entertainment, technology, agriculture, climate change, environment, public health et al. We also give preference to Ugandan community news and topical discussions. The portal also publishes community news and topical discussions.

Email: editorial@watchdoguganda.com
To Advertise:Click here

Latest News

Phillip R. Ongadia

PHILLIP R. ONGADIA: NRM primaries: A necessary evil to test the depth of the river

15th July 2025 at 14:57
Mashable is a global, multi-platform media and entertainment company For more queries and news contact us on this Email: info@mashablepartners.com

Check out

  • Trending
  • Comments
  • Latest
Minister Muruli Mukasa

LIST: New salary structure for civil servants starting July 2020 out; scientists, lecturers get juicy pay rise

24th May 2020 at 10:45
Pregnant woman

Shock as 17-year old boy impregnates his two sisters during Covid-19 lockdown 

17th June 2020 at 08:17
Sudhir Ruparelia is the undisputed king of Kampala

Billionaire Sudhir’s wisdom on how to invest in real estate

0

How a boy’s destiny turned from cotton grower to communications guru

0
Phillip R. Ongadia

PHILLIP R. ONGADIA: NRM primaries: A necessary evil to test the depth of the river

15th July 2025 at 14:57
Rogers Wadada

WADADA ROGERS: Telecom operators in Uganda should stop re-assigning customer’s phone numbers

15th July 2025 at 10:17

© 2025 Watchdog Uganda

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • News
    • National
    • Politics
    • World News
    • Media Outreach Newswire
    • Africa News
    • Tourism
    • Community News
    • Luganda
    • Sports
      • Football
      • Motorsport
  • Op-Ed
    • #Out2Lunch
    • Conversations with
    • Politics
    • Relationships
  • Business
    • Agriculture
    • CEOs & Entrepreneurs,
    • Companies
    • Finance
    • Products
    • RealEstate
    • Technology
  • Entertainment
    • Lifestyle
  • People
    • Showbiz
      • Salon Mag
  • Special Report
    • Education
    • Voices
  • Reviews
    • Products
    • Events
    • Hotels
    • Restaurants
    • Places
  • WD-TV
  • Donate
  • China News

© 2025 Watchdog Uganda