Tuesday, July 15, 2025
UG Standard - Latest News
  • Home
  • News
    • DIPLOMACY
    • COURT
    • AFRICA
    • BOOK REVIEW
    • INTERVIEW:
    • National
    • Parliament
    • World
    • Regional
  • Business
    • AGRIBUSINESS
    • OIL & GAS
    • REAL ESTATE
    • TECH
    • INNOVATIONS
    • TELCOM
  • OpED
  • EDUCATION
  • INVESTIGATION
    • NATIONAL ARCHIVE
    • SPECIAL REPORT
    • ANALYSIS
  • FEATURES
    • SOCIETY
    • Community
    • Pictorial
    • PROFILES
    • Lifestyle
    • Health
    • ENVIRONMENT
  • Tours & Travel
    • Hotel & Hospitality
  • Sports
  • About Us
  • Login
UG Standard - Latest News
ADVERTISEMENT

Sudhir lawyers dismiss BoU statement on Supreme Court ruling

by JAVIRA SSEBWAMI | PUBLIC EDITOR
21/02/2022
in News
Reading Time: 3 mins read
A A
0
Share on FacebookShare on Twitter
Mr. Sudhir and his lawyers from the Kampala Associated Advocates at an earlier court hearing. The Supreme Court has handed him a mighty victory in the Crane Bank dispute (PHOTO/File).
Mr. Sudhir and his lawyers from the Kampala Associated Advocates at an earlier court hearing. The Supreme Court has handed him a mighty victory in the Crane Bank dispute (PHOTO/File).

KAMPALA – Lawyers representing city tycoon Sudhir Ruparelia have said they are surprised by the Bank of Uganda reaction in the wake of the Supreme Court dismissal with costs the central bank’s appeal against businessman Sudhir Ruparelia and his real estate arm—Meera Investments Ltd.

Mr Peter Kabatsi, who leads Sudhir’s lawyers from the Kampala Associated Advocates said on Monday that a Friday statement in the press by the Central Bank, in which the BoU maintained that it is still pursuing one of the grounds to the case which “relates to the interpretation and application” was surprising.

Related posts

President Museveni Honours Chief Justice Owiny – Dollo’s legacy and service to the Country

13/07/2025
208
The late Fatumah Nabiwemba (Courtesy photo)

Assistant DPP Nabiwemba to buried on Saturday

11/07/2025
272
Pearl Tower One, part of the new Pearl Business Park, stands illuminated in the Kampala night skyline.

Ruparelia Group completes first phase of Kampala business park

11/07/2025
234

ODPP Procures 13 Vehicles to ease it’s Prosecutorial Function

09/07/2025
161

The Central Bank also claimed that “the main suit in relation to a claim against the shareholders for wrongful extraction of funds from Crane Bank…has never been heard on its merits.”

Mr Kabatsi says the statement by BoU is misconceived and “extremely incompetent” because the case has been concluded.
“Once the appeal is withdrawn in accordance with the law, nothing is left, except to pay costs,” Mr. Kabatsi is quoted by the New Vision as saying.

The ruling brought to an end the 5-year long-standing commercial dispute between businessman Sudhir and the Ugandan banking regulator, dating back to 201t, but in a statement on Friday, the Central Bank largely sidestepped the key issues of the case, and maintained that it is still pursuing one of the grounds to the case, and an application, which Sudhir’s lawyers now say is inconsequential.

Justice David Wangutusi of Commercial Court in August 2019 dismissed the first case in which BoU claimed that Ruparelia and his Meera Investments Ltd pulled UGX. 397 billion out of his own Crane Bank Ltd.

On, June 30, 2021, the BoU insisted in a statement that receivership does not take away the corporate personality of a company which includes the right to trace and recover assets and the right to sue for those assets.

In the preliminary stages of the appeal, the Supreme Court in August last year, dismissed with costs, an application by lawyers representing the Bank of Uganda (BoU) in which they sought to substitute the court record from Crane Bank Ltd (in receivership) to Crane Bank Ltd (in Liquidation), with the court rejecting the move, as in bad faith and intended to circumvent facts.

A panel of the Supreme Court Justices including Ruby Opio-Aweri, Faith Mwondha, Lillian Tibatemwa, Ezekiel Muhanguzi and Night Tuhaise, in a ruling issued on August 12, 2021 rejected arguments by BoU lawyers led by veteran attorney the late Dr. Joseph Byamugisha, reasoning that Crane Bank Ltd (in Receivership), Crane Bank Ltd (in Liquidation), and Crane Bank Ltd are three distinct entities with different rights, powers and obligations.

Earlier in the High Court, Justice Wangutusi noted in his ruling that at the  time BoU and Crane Bank (in receivership) filed the suit against Mr Ruparelia and his Meera Investments in January 2017, Crane Bank was a non-existing entity, having been terminated when the Central Bank sold its assets to DFCU Bank in October 2016.

The judge ruled that this rendered Crane Bank Ltd in receivership incapable of suing or being sued since there would be no assets to be claimed for.

Court noted that the public notice made it clear that BoU as the receiver had done an evaluation of the respondent (Crane Bank in receivership) and arranged for the purchase of its assets and assumption of its liabilities by another financial institution.“

In his [BoU] notice, he specifically stated that the liabilities of the respondent had been transferred to DFCU Bank Ltd and that because DFCU Bank had taken over the liabilities, it would, by way of consideration, be paid by conveying to it the respondent’s assets,” the judge ruled.

It is understood that the Central Bank was expected to concede defeat and pay costs as ordered by the court.

Share this:

  • Share
  • Click to share on Facebook (Opens in new window) Facebook
  • Click to share on X (Opens in new window) X
  • Click to share on LinkedIn (Opens in new window) LinkedIn
  • Click to share on X (Opens in new window) X
  • Click to share on Pinterest (Opens in new window) Pinterest
  • Click to share on Telegram (Opens in new window) Telegram
  • Click to share on WhatsApp (Opens in new window) WhatsApp

Like this:

Like Loading...

Related

Tags: Bank of UgandaCrane BankFeaturedMeera Investment LimitedRuparelia GroupsudhirSudhir Ruparelia

Related Posts

 Abbas urges U.S. to compel Israel to stop violations against Palestinians
News

 Abbas urges U.S. to compel Israel to stop violations against Palestinians

05/11/2022
0
310

Abbas urges U.S. to compel Israel to stop violations against Palestinians RAMALLAH, Nov. 4 (Xinhua) -- Palestinian President Mahmoud Abbas...

Read moreDetails
Equity ranked 4th strongest banking brand globally on brand strength, scoring 92.4 points out of 100

 Equity Bank Under Scrutiny for Alleged Role in UGX.3bn Fake Gold Scam

09/07/2024
632
Minister of Health Dr. Ruth Aceng and Permanent Secretary Dr. Diana Atwiine pay their respects at the burial of Dr. Joshua Musinguzi, a champion in the fight against HIV/AIDS in Uganda. Their presence honors his legacy and dedication to improving healthcare in Uganda.

 FULL LIST: Health Service Commission Shortlists Applicants for Key Roles

18/06/2025
1.5k
Kabuleta and other opposition politicians have teamed up to put an end to Museveni's leadership

 Kabuleta, other opposition politicians team up to put an end to Museveni’s leadership

27/02/2024
507
Load More

Popular Articles

  • Check out the top schools with pupils who scored 6 in 4 aggregates in the 2024 PLE results, as released by UNEB

    PLE 2024 Results: Top Schools with 6 in 4 Aggregates

    4380 shares
    Share 1752 Tweet 1095
  • How to Renew Your National ID Online: NIRA Pre-Registration Portal 2025 Guide

    4090 shares
    Share 1636 Tweet 1023
  • NIRA unveils high-tech National ID, mass enrollment set to begin

    2668 shares
    Share 1067 Tweet 667
  • FULL LIST: Ministry of Education, NCDC publish self-study workbooks amid COVID-19 lockdown

    3324 shares
    Share 1349 Tweet 823
  • How to Check PLE Results 2024 on Phone, Online

    1785 shares
    Share 714 Tweet 446
  • PLE 2024 Results: UNEB Clarifies on Release Date

    1652 shares
    Share 661 Tweet 413
  • MPs clear govt to cancel 2020 academic year

    2796 shares
    Share 1150 Tweet 686

Recent Articles

William W. Popp – new US Ambassador to Uganda

US Restricts Visa Validity for Ugandans to Three Months

14/07/2025

Church of Uganda Flags off Mock Exams to Boost Learner Competence and Curriculum Familiarization

14/07/2025
Women entrepreneurs pose for a photo during the WiBAS training held at Muni University, Arua District. The workshop was conducted under the theme “Handholding Women for Business Sustainability.”

719 Women Entrepreneurs in Northern Uganda Skilled by PostBank and WiBAS on Sustainable Business Growth

14/07/2025

Museveni concludes Wakiso wealth creation tour with call to embrace commercial agriculture and vigilance in PDM implementation

14/07/2025

Mayor Sserunjogi leads the battle to save Noah Mutwe

14/07/2025

Be God-Conscious, Mufti Tells Politicians

14/07/2025
SuperSport on DStv and GOtv announces comprehensive coverage for the 2025/26 football season, featuring exclusive access to Premier League, La Liga, and Serie A.

MultiChoice Uganda announces thrilling return of the New Football season

14/07/2025

Recent CommentsRecent Comments

  • The Journey of Ibrahim Traoré on How President Ibrahim Traoré’s ambitious vision is driving Burkina Faso’s economic growth push
  • Ugandan Scientists Finalists For European Inventors Prize — Press Uganda on Ugandan scientists finalists for European inventors prize
  • Government Pumps UGX1 Trillion Into UDB To Drive Industrialization, SME Growth — Press Uganda on Government pumps UGX1 Trillion into UDB to drive Industrialization, SME growth
  • PS Ggoobi Tips On Building USD 500b Economy — Press Uganda on PS Ggoobi tips on building USD 500b economy
  • Museveni Meets German Envoy Matthias Schauer After Subversion Claims — Press Uganda on Museveni meets German envoy Matthias Schauer after subversion claims

UG Standard - Latest News

UG Standard, published via www.ugstandard.com isa publication of Sahel Media Solutions Ltd, a professional Digital/New Media company in Uganda info@ugstandard.com

Follow us on social media:

Latest News

  • US Restricts Visa Validity for Ugandans to Three Months
  • Church of Uganda Flags off Mock Exams to Boost Learner Competence and Curriculum Familiarization
  • 719 Women Entrepreneurs in Northern Uganda Skilled by PostBank and WiBAS on Sustainable Business Growth
  • Museveni concludes Wakiso wealth creation tour with call to embrace commercial agriculture and vigilance in PDM implementation
  • Mayor Sserunjogi leads the battle to save Noah Mutwe
  • Be God-Conscious, Mufti Tells Politicians

OpED

Equipping Youth with Skills for a Sustainable Future: A Mission We Must All Embrace

Fueling the Future: How Pesapal’s Forecourt Management Solution is Transforming Uganda’s Petroleum Sector

HELLEN MASIKA: From Darkness to Solar Light in Kijumba 

Why de-register a Motor Vehicle in Uganda: and Consequences of Non-Compliance

Challenges of taxing law firms in Uganda

© 2024 Ugstandard - Latest News by Digital/New Media company.

Welcome Back!

Sign In with Facebook
OR

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • News
    • DIPLOMACY
    • COURT
    • AFRICA
    • BOOK REVIEW
    • INTERVIEW:
    • National
    • Parliament
    • World
    • Regional
  • Business
    • AGRIBUSINESS
    • OIL & GAS
    • REAL ESTATE
    • TECH
    • INNOVATIONS
    • TELCOM
  • OpED
  • EDUCATION
  • INVESTIGATION
    • NATIONAL ARCHIVE
    • SPECIAL REPORT
    • ANALYSIS
  • FEATURES
    • SOCIETY
    • Community
    • Pictorial
    • PROFILES
    • Lifestyle
    • Health
    • ENVIRONMENT
  • Tours & Travel
    • Hotel & Hospitality
  • Sports
  • About Us

© 2024 Ugstandard - Latest News by Digital/New Media company.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
%d