Trouble is brewing at the Bank of Uganda (BoU) over how to proceed following another bruising defeat in court by tycoon Sudhir Ruparelia.
Tempers flared at the central bank following a court ruling that ordered the central bank to pay tycoon Sudhir Ruparelia over Shs360m.
Following the defeat,Ms Margaret Kasule,the BoU Director Legal,advised that the ruling should be appealed.
Ms Kasule’s advice was, however, rejected by the Bank’s top management.
Sources familiar with the thinking at BoU over the case say the central bank is wary of suffering another defeat in court.
This website has however, learnt that Ms Kasule has been in touch with lawyers Andrew Kasirye,Robert Kirunda, David Mpanga and Timothy Masembe who have reportedly advised her that an appeal can be won.
As Director Legal,Ms Kasule has been at the center of several court losses that have cost the taxpayer billions of shillings. The are allegations that the continued legal battle could be a money venture for those involved to secure more funds from the bank in form of legal fees and consultation.
Court of Appeal has thrown out a case brought against city tycoon Sudhir Ruparelia and ordered Bank of Uganda to foot all the cost.
Bank of Uganda/Crane Bank in receivership (BoU) sued him and his Meera Investments Limited.
BoU sued Sudhir and Meera Investments Limited on allegations that they fleeced Crane Bank Limited of Shs397 billion.
BoU appealed against the earlier ruling by Commercial Court, Justice David Wangutusi, who dismissed the case, agreeing with the submissions of Sudhir’s lawyers and ordered that BoU pays costs of the “The person (petitioner) should pay cost and that is non other than Bank of Uganda because Margret Kasule filed on behalf of Bank of Uganda. They knew Crane Bank was in receivership as it wasn’t in existence but they went ahead to sue it” read the judgement.
