SOLD: The former Crane Bank headquarters on Kampala Road.

The Crane Bank has an outstanding debt of seven billion shillings, accruing from unremitted contributions to the National Social Security Fund (NSSF).

According to a ‘comprehensive audit’ by agents of the NSSF, the said money described as ‘Standard Contribution’ was to be paid in the period between January 2010 and 2016.

The media had reported today that Crane Bank had an outstanding Shs32 billion it owes NSSF as contribution for its former workers.

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Other costs in the comprehensive audit that Crane bank allegedly owes NSSF include: Special Contribution of Shs930, 737, 042; Penalty Shs38, 846, 019, 750 and Interest of Shs4, 543, 264, 843, bringing the total amount to Shs52, 910, 054, 024.

The Crane Bank was majorly owned by businessman Sudhir Ruparelia, but was early this year sold off to dfcu after the Bank of Uganda (BOU) sanctioned the deal.

Since then the BOU and other creditors including have sought to recover the monies owed to their institutions, with Mr. Ruparelia now reportedly in talks to amicably resolve the discrepancies.

Efforts to contact Mr. Ruparelia for comment on the matter were fruitless by press time.

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