By Kakomo Jumah
The Supreme Court has dismissed the appeal by the Bank of Uganda against Kampala business man Sudhir Ruparelia and Meera Investments.
Court has also ordered Bank of Uganda to directly pay costs of the case at all Court levels.Court has ordered that Crane Bank LTD reverts to the owners.
Initially Bank of Uganda had claimed that Dr Sudhir Rupaleria was liable to pay three hundred and ninety seven billion shillings to them on account of allegations arising from the purported mismanagement of Crane Bank LTD.
However when the case came up in court, the contention was weather Bank of Uganda using Crane Bank in receivership could sue Mr Sudhir.
The three courts have now confirmed that by law it is not permissible for crane Bank LTD in receivership to sue Mr Sudhir.
The Supreme Court has also cleared that the company is also reverted to the holders that’s Sudhir Rupaleria and partners since the receivership of Crane Bank ended in 2018.
With the ruling, Mr. Sudhir nolonger liable for the UGX397b that Bank of Uganda had claimed he had to pay, a figure also dismissed by the Auditor General and a Parliamentary inquiry
The court was presided over by Justices Rubby Opio-Aweri, Faith Mwondha, Lillian Tibatemwa and Ezekiel Muhaguzi.
