Court dismisses Bank of Uganda and Crane Bank case against Tycoon Sudhir.
The Commercial court has dismissed a multi-billion case in which Bank of Uganda and Crane Bank had sued Businessman Sudhir Ruparelia and his Meera investment company accusing him of fleecing billions of money from his former Crane Bank ; thereby ending a 2 year commercial dispute between them.
Justice David Wangutusi noted that Bank of Uganda and Crane Bank wrongfully filed a suit against Sudhir because at the time of filing it in January 2017, Crane Bank was a non-existing entity having terminated its life when Central Bank sold its assets to DFCU Bank in October 2016.
The judge ruled that this action put Crane Bank in receivership with no capacity to institute any legal proceedings or be dragged to court because there would be no assets to claim for.
The judge’s also ordered Bank of Uganda to pay costs of the suit to Sudhir and Meera investments.
Bank of Uganda and Crane Bank had sued Sudhir and Meera for orders that the pair be compelled to pay over 397 Billlion shillings that was fraudulently siphoned out of crane Bank where Sudhir was a director and owning 100% shares.
After winning the court case today , Sudhir said he is to sue BOU for compensation, for illegally taking over his Bank and subjecting him to legal battles.