• 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

Supreme Court dismisses appeal against Sudhir, BoU ordered to return Crane Bank to owners

Mubiru Ivan by Mubiru Ivan
3 years ago
in Court, News
23 1
Businessman Sudhir Ruparelia (right) in Supreme Court

Businessman Sudhir Ruparelia (right) in Supreme Court

ShareTweetSendShare

The Supreme Court of Uganda has on Friday dismissed Bank of Uganda’s appeal against businessman Sudhir Ruparelia & his Meera Investments company.

In its ruling, Court ordered BoU to directly pay costs at all court levels as well as return Crane Bank to its original owners.

The ruling was delivered by a panel of five Judges who included; Rubby Opio Aweri, Percy Tuhaise, Ezekiel Muhanguzi,Prof.Tibatemwa Ekirikubinza and Faith Mwondha.

“For avoidance of doubt, the Court of Appeal upheld the finding of the trial court which ordered that the costs of the suit were to be borne by the Bank of Uganda since it was behind the filing of the suit and other subsequent actions. That order shall stand,” the Supreme Court ruled.

“We equally considered this aspect in our ruling and found that indeed, receivership of the appellant (Crane Bank in receivership) had ended on January, 20, 2018. The implication of that finding in our view is that the management of the appellant be reverted to shareholders after the January, 20, 2018.”

Last year in September, Bank of Uganda decided to withdraw a Supreme Court appeal that was contesting the Court of Appeal’s dismissal of the case it filed on behalf of Crane Bank Ltd (in Receivership) vs. Sudhir Ruparelia and Meera Investments Ltd.

In a September 15, 2021 notice of withdrawal, the Supreme Court Registrar indicated that BoU had decided not to prosecute the appeal and would pay costs.

In 2020, Bank of Uganda ran to the Supreme Court to appeal the Court of Appeal ruling, which upheld an earlier High Court decision to dismiss a case that had been filed against businessman Sudhir by Crane Bank in receivership.

Prior, the Court of Appeal in Kampala threw out a case against Dr Sudhir.

The Panel of judges led by acting Chief Justice Alfonse Owiny- Dollo upheld the judgment of Commercial Court judge David K. Wangutusi in application filed by Bank of Uganda seeking a refund of Shs397 billion from Sudhir which he allegedly siphoned from the defunct Crane Bank. Court dismissed case with costs.

Bank of Uganda/Crane Bank in receivership (BoU) had appealed against an August 26, 2019 ruling where the High Court Commercial division dismissed with costs, the multi-billion lawsuit.

In his ruling, Justice Wangutusi stated that BoU/Crane Bank (in receivership) did not have a legal basis to sue Sudhir, the owner of Crane Bank, then the second biggest bank in Uganda.

Court ordered Bank of Uganda to pay Sudhir’s legal costs.

BoU /Crane Bank in Receivership had sued the property mogul and Meera Investments Limited for allegedly fleecing the defunct Crane Bank Limited (CBL) of Shs397 billion that the central bank wanted refunded.

Sudhir denied the allegation and has since counter-sued BoU, seeking compensation of $8m (Shs28 billion) in damages for breach of contract.

He asked the Commercial Court to dismiss the case arguing that the central bank over stepped its mandate in commencing court proceedings against him and his Meera Investments Company.

Presenting an objection against BoU, Sudhir through his lawyers Kampala Associated Advocates told Justice Wangutusi that when dissolving a bank, BoU had three options including  putting someone else in its management – what is termed as statutory management, receivership or liquidation.

Counsel Elison Karuhanga argued that however, BoU chose to go for receivership yet under the law, specifically only the manager and the liquidator of the said bank is mandated to file a suit and not a Receiver.

He further explained that, BoU as a Receiver could only dissolve or sell Crane Bank within 12 months but not sue it’s managers.

However, in response to the submissions of Sudhir’s lawyers, BoU through its lawyer Dr Joseph Byamugisha told court that when a financial institution is placed under receivership the power to commerce or to continue with a civil suit does not stop.

BoU on October 20, 2016 placed Crane Bank under statutory management for being under-capitalised.

The central bank attributed the under-capitalisation to mismanagement and insider lending, resulting in Crane Bank’s unsustainable non-performing loan portfolio. The bank was later sold to dfcu Bank in January 2017, although the central bank retained some of its liabilities.

Bank of Uganda closed Sudhir’s bank, then the second biggest bank, and largest indigenous financial institution

Meanwhile, separate investigations by the Auditor General and Parliament recently found contrary information regarding the takeover and sale of Crane Bank. It was also discovered that BoU managers fell short of professionalism, having closed six more banks in the same shabby and illegal manner.


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


Mashable is a global, multi-platform media and entertainment company For more queries and news contact us on this Email: info@mashablepartners.com
Share5Tweet3SendShare

Related Posts

Business

Rotary District 9214 Kicks Off 2025/26 with Unity and Impact at Speke Resort Munyonyo

9th July 2025 at 14:11
National

NRM’s Kasolo Vows to Seize Kampala, Mukono, Butambala Seats in 2026 Elections

9th July 2025 at 13:20
News

NRM youths once again beat NUP with 90% victory in Kassanda district, MPs Kabuye, Nsamba fear for their seats

8th July 2025 at 11:13
Next Post
Gen Jim Muhwezi

ARTHUR TUMWESIGYE : Opposition motion to censure Gen Muhwezi is an attempt to stay afloat

  • Prostitution in Uganda- Courtesy Photo

    10 dangerous hotspots known for prostitutes in Kampala

    1121 shares
    Share 448 Tweet 280
  • Silent Billionaire Bosco Muwonge Buys Mukwano Arcade at UGX 250 Billion Cash Down

    47 shares
    Share 19 Tweet 12
  • Who is Bosco Muwonge, Uganda’s elusive real estate billionaire?

    33 shares
    Share 13 Tweet 8
  • LIST: New salary structure for civil servants starting July 2020 out; scientists, lecturers get juicy pay rise

    2288 shares
    Share 915 Tweet 572
  • Uganda’s Billionaires 2025: Once Again Sudhir Ruparelia Leads a Resilient Pack

    47 shares
    Share 19 Tweet 12
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

Rotary District 9214 Kicks Off 2025/26 with Unity and Impact at Speke Resort Munyonyo

9th July 2025 at 14:11

NRM’s Kasolo Vows to Seize Kampala, Mukono, Butambala Seats in 2026 Elections

9th July 2025 at 13:20

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

Rotary District 9214 Kicks Off 2025/26 with Unity and Impact at Speke Resort Munyonyo

9th July 2025 at 14:11

NRM’s Kasolo Vows to Seize Kampala, Mukono, Butambala Seats in 2026 Elections

9th July 2025 at 13:20

© 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