Sudhir wins Bank of Uganda Court Appeal Case

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Court of Appeal in Kampala has dismissed a case in which bank of Uganda appealed the ruling of the commercial court in favour of Dr Sudhir Ruparelia.

Bank of Uganda (BoU) had appealed against the ruling of Commercial Court head David Wangutusi, who dismissed a multibillion commercial dispute against tycoon Sudhir Ruparelia that had been filed by Crane Bank-in-receivership two years ago.

However in a ruling read by the registrar court of appeal on behalf of the 3 judges led by Justice Owny Dollo the deputy Chief justice, the three judges found no reason to dismiss the case against the respondents Dr Sudhir Ruparelia and Rajiv Ruparelia the Managing director Crane Management services.

The case has been dismissed with costs to be paid by Bank of Uganda.

Dr Sudhir Ruparelia shortly after the victory said this was a big blow to the management of bank Uganda and said that this time to appoint  serious people at the Central bank.

While dismissing the Shs397b case against the city tycoon last year Justice Wangutusi held that once Crane Bank was placed under receivership, it was insulated against legal proceedings according to Section 96 of the Financial Institutions Act and therefore had no powers to sue Mr Ruparelia.

The judge also went ahead and ordered BoU to pay costs that Mr Ruparelia used to successfully to prosecute this matter.

“Interestingly, the Central Bank sold and did away with the respondent (Crane Bank-in-receivership) on 24th 2017, four days after it had been placed under receivership. In my view, after conveying all these assets to dfcu Bank together with the liabilities including deposits, the respondent was left high and dry with no property interest in any of the assets that had originally belonged to it,” ruled Justice Wangutusi.