The court of Appeal has dismissed a multi-billion case against businessman Sudhir Ruparellia and his Meera investments company in which the Central Bank accuses him of siphoning over Shs397 billion from his former Crane Bank.
Three justices of the court including; Deputy Chief Justice Alfonse Owiny -Dollo , Cheborion Barishaki and Steven Musota have unanimously ruled that after a careful perusal of evidence; they too find no misconduct against Sudhir that would warrant litigation and hence forth ordered Bank of Uganda to pay costs incurred by the businessman to defend himself in both courts .
In their ruling read to court by registrar Mary Babirye, the Justices have also confirmed that at the time of filing this suit in January 2017, Crane Bank Limited was already in receivership and a non -existing entity whose life time was ended when Bank of Uganda sold its assets to DFCU in October 2016.
The justices have been in further agreement with trial Commercial Court judge David Wangutusi that being in receivership; Crane Bank had no capacity to institute legal proceedings against its former Director or could anyone drag it before court because it had no assets to be claimed for.
The court of Appeal has instead also further condemned it to pay costs having found out that the Central Bank wrongfully dragged Sudhir to court.
Immediately after the court ruling; Sudhir who was in company of his son Rajiv and lawyers of Kampala Associated advocates explained that someone in Bank of Uganda stole the money which would have been used to help the government in the COVID-19 pandemic fight .
He also announced that he will be seeking millions of dollars in costs.