• Contact Us
  • About Us
  • Advertise
  • Donate
  • Login
Watchdog Uganda
Advertisement
  • Home
  • News
    • National
    • Politics
    • World News
    • Sports
      • Football
      • Motorsport
  • Business
    • Agriculture
    • Finance
    • RealEstate
    • Technology
  • Op-Ed
  • Entertainment
    • Lifestyle
    • Showbiz
    • Big Brother Naija Dairy
  • People
    • Entrepreneurs
    • Stars
    • Politicians
  • Special Report
    • Education
  • Travel
  • Video
  • Luganda
No Result
View All Result
  • Home
  • News
    • National
    • Politics
    • World News
    • Sports
      • Football
      • Motorsport
  • Business
    • Agriculture
    • Finance
    • RealEstate
    • Technology
  • Op-Ed
  • Entertainment
    • Lifestyle
    • Showbiz
    • Big Brother Naija Dairy
  • People
    • Entrepreneurs
    • Stars
    • Politicians
  • Special Report
    • Education
  • Travel
  • Video
  • Luganda
No Result
View All Result
Watchdog Uganda
No Result
View All Result

BoU drops Sebalu & Lule in Crane Bank battle with billionaire Sudhir

Lawrence Kazooba by Lawrence Kazooba
3 years ago
in Business, News
7 0
ShareTweetSendShare

After the High Court put a permanent injunction barring Sebalu & Lule advocates from representing Bank of Uganda against billionaire Sudhir Ruparelia, and his Meera Investments as conflicted lawyers, now the central bank has drop the law firm and appointed Byamugisha Advocates.

A communication to the court registrar, Sudhir’s lawyers Kampala Associated advocates, the dropped lawyers of Sebalu & Like and BoU lawyer Margaret K Kasule, on Friday, states that Byamugisha will be taking up the case in which Bank of Uganda wants Sudhir to pay over sh400 billions following the closure of his Crane Bank.

Sudhir had won the battle where court agreed with him that Lule & Sebalu were conflicted lawyers not fitting to represent his accusers since he was their client not long ago. On April 29 2019 Justice Paul Gadenya Wolimbwa threw Sebalu, Lule out of this case.

On Friday, JB Byamugisha wrote to court informing them of the development that they are the new lawyers.

Byamugisha wrote a notice dated 17 May 2019 saying he will be representing Crane Bank in receivership on behalf of Bank of Uganda.

Sudhir is however separately challenging Bank of Uganda closure of his bank and running off with a bad book worth more than sh400 billions, which they gave to DFCU at no charge. That’s on top of Bank of Uganda giving buildings under Meera Investments to DFCU who are not paying rent on pretext they were housing the defunct bank.

Bank of Uganda closed Sudhir’s bank, then the second biggest bank, and largest indigenous financial institution in Uganda saying it was under capitalized. However separate investigations by the Auditor General and Parliament have found contrary information including Crane Bank having recovered from capital challenges. Instead it was found that Bank of Uganda managers fell short of professionalism, having closed six more banks in the same shabby and illegal manner.

The dramatic probe exposed officials including Governor Mutebile Tumusiime as having slept on the job as his juniors including his deputy Louis Kasekende and head of commercial Banks supervision Justine Bagyenda as selling banks with reckless abandon.

Parliament and the Auditor general recommended that Crane banks shareholders be compensated for the losses they incurred in closing their Bank.

It waits to be seen if the new lawyers for Bank of Uganda will bring this gruelling case to a harmonious conclusion.


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

Share1Tweet1SendShare

Related Posts

Dr Kizza Besigye with one of his lawyers Erias Lukwago in Court
National

Dr Besigye refuses to pay Shs30m cash bail, remanded to Luzira Prison

25th May 2022 at 19:57
IGG Beti Kamya
National

Beti Kamya denies responsibility of requesting over Shs10bn while Minister of Lands

25th May 2022 at 19:15
URA Commissioner General John Musinguzi
Finance

URA tax collections for FY 2021/2022 hit record 15.4 trillion

25th May 2022 at 18:25
Next Post

Joy Kihuguru: Pastor Bugingo was a man I had lots of admiration for

Follow us on Facebook

Trending Posts

  • President Yoweri Museveni

    Government in confusion on how to effect salary increment for science teachers

    45 shares
    Share 18 Tweet 11
  • It’s not Andrew Mwenda! Sheebah finally reveals identity of ‘big man’ in government who sexually assaulted her

    31 shares
    Share 12 Tweet 8
  • Entebbe: Police officer found dead along Lake Victoria shorelines 

    11 shares
    Share 4 Tweet 3
  • LIST: New salary structure for civil servants starting July 2020 out; scientists, lecturers get juicy pay rise

    1882 shares
    Share 753 Tweet 471
  • Uganda Medical Association boss faults Allied Health practitioners over ‘uncalled for’ strike

    9 shares
    Share 4 Tweet 2

Follow us on Twitter

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.

Plot 23, Yusuf Lule Road
PO Box 7661 Kampala, Uganda
Office Line: +256 777 286 815
Email: editorial@watchdoguganda.com
To Advertise:Click here

Follow us on Twitter

Follow us on Facebook

© 2022 Watchdog Uganda

No Result
View All Result
  • Home
  • News
    • National
    • Politics
    • World News
    • Sports
      • Football
      • Motorsport
  • Business
    • Agriculture
    • Finance
    • RealEstate
    • Technology
  • Op-Ed
  • Entertainment
    • Lifestyle
    • Showbiz
    • Big Brother Naija Dairy
  • People
    • Entrepreneurs
    • Stars
    • Politicians
  • Special Report
    • Education
  • Travel
  • Video
  • Luganda

© 2022 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
Posting....