BOU, crane bank given 60 days to amicably settle their differences

The Commercial Court has given Bank of Uganda and businessman Sudhir Ruparelia 60 days within which to amicably settle their differences before  the case file is forwarded to a judge for trial.

On Tuesday this week ,  the Head of the Court justice David Wangutusi appointed city lawyer  Harriet Magala from Kituuma Magala and company advocates as an arbitrator in this case where Bank of Uganda accuses Sudhir of siphoning over 700bn shilings from his  Crane Bank.

Bank of  Uganda jointly sued Sudhir together with  his company Meera  Investments for  illegally  transferring 46  crane bank’s branch tittles into the names of Meera investments which again lease them to Crane Bank.

However according to the registrar in-charge of mediation matters at the Commercial Court Vincent Emmy Mugabo, mediation in this case cannot start unless all the necessary documents and pleadings are filed in court by the  two warring partieis.

He explained the there is a counter claim filed by Sudhir against Bank of Uganda and Crane Bank  that has not been responded to by the central bank.

Mugabo also ellaborated   on the  mediation process which is now a rule of practise to all civil  matters  that was enrolled in courts as an alternative  despute resolution mechanism  mainly to clear case backlog and maintaing relationships  between parties.

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