H.E Sudhir Ruparelia

The Head of Commercial Court, Justice David Wangutusi has delivered his ruling on the preliminary objection by city tycoon Sudhir Ruparelia in the case in which the Bank of Uganda took him to court,  with the aim of recovering Shs397 billion.

The commercial court today ruled that BOU cannot use “Crane Bank in receivership” to sue; that there was no cause of action to sue Sudhir, that BOU receivership of CB ended when they sold to DFCU, that the freehold in CB branches belong Sudhir and BOU should pay costs of the suit.

Bank of Uganda (BoU) /Crane Bank in Receivership sued Sudhir Ruparelia and Meera Investments Limited of allegedly fleecing  the defunct  Crane Bank Limited (CBL) of Shs397 billion that the central bank wants refunded. However, Mr. Sudhir maintains his bank was fraudulently taken by BoU and subsequently given away to Dfcu bank.

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Sudhir Ruparelia has won the case and we will share more details as they arrive.