KAMPALA —The Supreme Court has dismissed, with costs, an appeal by Bank of Uganda against businessman Sudhir Ruparelia and his real estate arm—Meera Investments Limited.
The Supreme Court has ordered the central bank to pay costs at all court levels, right from the Commercial Bank and directed that Crane Bank is reverted to its owners.
The February 11th, 2022 ruling brings to an end the long-standing commercial dispute between the businessman Sudhir and the Ugandan bank regulator, dating
back to 2017.
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 AuditorGeneral and a Parliamentary inquiry.
“Bank of Uganda stole my bank,” Sudhir, who attended the court session in Kampala, said after the decision was announced.
“They have to pay costs of suit right from the Commercial Bank to the Supreme Court,” he said
The court was presided over by Justices Rubby Opio-Aweri, Faith Mwondha, Lillian Tibatemwa, Ezekiel Muhaguzi and Percy Night Tuhaise
Details to follow……
