The shareholders of Greenland Bank Ltd have petitioned the Commercial Division of the High Court over liquidation of their bank.
The group of 27 shareholders indicate in their petition before Court that Bank of Uganda (BoU) has taken a very long time to conclude the liquidation process of their bank.
Led by Mr Sulaiman Kaweesi, the aggrieved shareholders state that the bank was placed under liquidation 21 years ago, but the process is still ongoing.
“A declaration that the continued liquidation of the 2nd defendant (Greenland bank) for more than 21 years without accountability to the plaintiffs is irregular, unreasonable and in bad faith,” the court document dated 1st March reads in part.
“A declaration that the entire process of liquidation of the 2nd defendant is marred by massive fraudulent acts committed by the officials of the 1st defendant (BoU),” the petition further reads.
They also want court to order the central bank to render the true account of the management of the properties that belonged to the companies, associated with the bank at the time of closure.
Greenland bank, then an indigenous bank owned by the late Sulaiman Kiggundu, was incorporated on August 3, 1990 until April 1, 1999 when BoU closed it and placed it under liquidation.