By Jolly Gwari

The loaded businessman Sudhir Ruparelia has said the mafia group who stole his Crane Bank will pay heavily.  “Everyone who has played a part in the deceptive activities is going to pay-we are not going easy. That includes DFCU that is fraudulently occupying Meera properties; they are the biggest fraudsters in this country. They need to understand that they are illegally occupying our branches and they fraudulently transferred them to their names without the consent of Meera investments”.  The business tycoon made the revelation on Monday after winning Shs397 billion lawsuit that was filed by Bank of Uganda against him in the aftermath of the closure of the commercial bank.

On 30th June 2017, Crane Bank Limited (in Receivership) filed Civil Suit No. 493 of 2017 against Sudhir and Meera applicants seeking payment of US$ 80,000,000, US$ 9,270,172.00, US$ 3,560, 000.00, US$ 990, 000.00, UGX 52, 083,953,995  as compensation for breach of fiduciary duty.  

Crane Bank (in receivership) also sued Meera investments for 48 freehold land titles comprising the former countrywide branch network that it claimed were illegally transferred from Crane Bank to Meera investments.

Sudhir through KAA Advocates applied to the court to dismiss the suit saying that Crane Bank (in receivership) has no locus to bring the case to court since the Financial Institution Act 2004) did not permit a receiver to sue or be sued.

“This is a big win over the Mafias and the whole conspiracy that’s been holding the country at ransom in the Central bank. I think this is going to be a lesson for them. They have taken over 7 banks and they cannot account any. How do you fail to account to someone? I am a shareholder, I lost a lot of money, I put 25 years of my time and you steal my bank? , you steal all my assets, all my paid-up capital and all my assets just stolen. And you claim that you put this money in Crane bank and you cannot even account for it, you can’t even account Shs290 billion, where is all gone” Sudhir irritably said.

He further said his victory today is historical since nobody in the past has ever been able to take Central Bank down in Court. He also thanked his lawyers that have participated in this case, for doing a tremendous job.

Subscribe for notification