By Ruth Anderah
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 seeking to recover Shs 397 billion from him.
According to Justice David Wangutusi’s ruling, Bank of Uganda and Crane Bank wrongfully filed the suit against Sudhir and that the latter had no legal basis since there were no assets to claim.
Justice Wangutusti adds at the time of filing the suit in January 2017, Crane bank was a non-existent entity since it had gone into receivership after it sold its assets to DFCU Bank in October 2016.
The judge’s ruling read by deputy registrar Festo Nsenga has now ordered the Bank of Uganda to pay Sudhir all legal costs.
Sudhir had been accused of taking Shs 397 billion shillings out of the financial institution in fraudulent transactions and land title transfers.
However Sudhir had insisted that the suit by Crane Bank was a nullity since after it went into receivership it lost powers to sue or to be sued.