A source at Meera Investments Limited, says managers are confident of regaining the company’s 48 properties that were established countrywide as banking halls by Crane Bank before it was controversially sold to DFCU Bank by the Bank of Uganda) in January 2017.
This follows reports that government has approached General Caleb Akandwanaho a.k.a Salim Saleh to use his negotiation skills to help DFCU Bank and BoU before the case whose file is with Commercial Court Judge David Wangututsi begins in the near future.
Records show that Principal Judge Justice Yorokamu Bamwine in mid-July sent the file to Justice Wangututsi for further action after the two sides-BoU versus Meera Investments (Sudhir Ruparelia), failed to agree.
Sudhir accuses BoU of breaching a confidential Settlement and Release Agreement of March 20 in which the two pledged to settle their difference amicably.
Through Meera Investments Limited, Sudhir also sued DFCU Bank, praying to repossess leasehold titles and developments for the 48 banking halls taken over by its former rival when as Crane Bank was liquidated.
Meera Investments also sued the Commissioner for Land Registration, claiming that the officer connived with DFCU Bank to transfer the releases into its names having agreed to buy Crane Bank at Shs200 billion.
Sources say DFCU Bank lawyers have advised bank managers that the bank is likely to lose the properties worth about Shs100 billion much as DFCU Bank valued them at Sh47 billion upon the acquisition of the same properties were only being rented by Crane Bank before its liquidation by BoU.
Leaked documents indicate that DFCU acquired lease documents from the Commissioner of Lands at Sh10 billion.
It is worth noting that BoU Governor Emmanuel Mutebile would later controversially fire his Executive Director in charge of Supervision, Ms Justine Bagyenda as controversial issues relating to Crane Bank’s sale started to emerge in public.
Eagle Online has learnt Gen. Saleh is reported to have met all parties involved in the Crane Bank saga. It is reported that DFCU in a desperate need to reach out to their directors of CBL, DFCU approached him through a prominent city lawyer so that before court begins, some agreeable grounds could be reached.