![]() |
Home . Media Centre . Museum . Publications . Speeches . Careers in BOU . Contact Us | |
|
Resolution of Crane Bank Limited
KAMPALA – Thursday July 13, 2017. The Bank of Uganda (BoU), as Receiver of Crane Bank Limited (Crane Bank) and regulator of the banking sector sanctioned the filing of a suit against Sudhir Ruparelia and Meera Investments Limited to recoup funds that were fraudulently extracted from, as well as losses that were caused to Crane Bank.
The Suit seeks to recover a total of US$93.8Million and UGX 60.3Billion, together with the Freehold titles to Crane Bank’s branches, general damages, interest and costs. The facts giving rise to Crane Bank’s claim are set out in detail in the papers that were filed in the High Court and the Defendants shall be given an opportunity to formally respond, as is their right.
In this suit, the Bank of Uganda instructed MMAKS Advocates and AF Mpanga Advocates (Bowmans Uganda) to represent Crane Bank. Court filing fees of UGX 398.2Million were assessed and paid to Uganda Revenue Authority. Other than that, there has been no payment of legal fees in connection with this suit. The BoU will settle any legal fees in accordance with the law governing remuneration of advocates.
We have observed that there is a lot of unfounded speculation in the media regarding this Court case. We wish to assure the public that any allegations that the suit is being brought by the Bank of Uganda and/or its lawyers for purposes other than the recovery of the funds and properties due to Crane Bank are false.
While the Bank is cognisant of the level of public interest generated by this case, we are constrained in commenting extensively until the matter is resolved by Court.
MANAGEMENT
Related Articles:
-
11 Apr, 2018
BoU launches a new automated clearing house system -
11 Apr, 2018
Stanbic awarded best primary dealer in Government Securities in 2017 -
10 Apr, 2018
Bank of Uganda maintains CBR at 9 percent in April 2018 -
05 Apr, 2018
Bank of Uganda is Soundly Managed -
15 Mar, 2018
Rethinking Regional Integration in Africa -
20 Feb, 2018
Bank of India Uganda Limited is safe and sound -
13 Feb, 2018
BoU Reduces Central Bank Rate to 9 percent in February 2018 -
07 Feb, 2018
Staff Changes at Bank of Uganda (BoU) -
23 Jan, 2018
Deputy Governor Applauds Barclays Africa Financial Markets Index -
12 Jan, 2018
Tumusiime-Mutebile Centre of Excellence to Provide Transformative Solution -
18 Dec, 2017
Bank of Uganda maintains CBR at 9.5 percent -
04 Dec, 2017
Ambition, Pragmatism, and Imagination – Rethinking the Role of the State in Economic Development -
10 Nov, 2017
Deadline for claims onto Crane Forex bureaus -
26 Oct, 2017
National Financial Inclusion Strategy Launched -
24 Oct, 2017
Bank of Uganda releases Annual Report 2016-2017
February 2018 | April 2018 | |
CBR | 9.0 | 9.0 |
February 2018 | March 2018 | |
Headline | 2.1 | 2.0 |
Core | 1.7 | 1.7 |
EFU | 11.2 | 10.3 |
Food Crops & Related Items | -0.7 | -1.7 |
Currency | Buying | Selling |
USD (Opening) | 3694.33 | 3704.33 |
USD (Mid) | ||
USD (Closing) | ||
GBP (Opening) | 5153.92 | 5167.87 |
EUR (Opening) | 4514.64 | 4526.86 |
KSH (Opening) | 36.91 | 37.01 |
TSH (Opening) | 1.613 | 1.618 |
USD 4/24/2018-WAR | 3693.94 | 3703.94 |
Apr 11, 2018 | Apr 18, 2018 | |
IBRO | 8.20 | 7.60 |
Margin | 4.00/5.00 | 4.00/5.00 |
Rediscount Rate | 13.00 | 13.00 |
Bank Rate | 14.00 | 14.00 |
T/Bills (91 days) | 8.76 | 8.76 |
T/Bills (182 days) | 9.23 | 9.23 |
T/Bills (364 days) | 9.69 | 9.69 |
T/Bonds (2 years) | 11.05 | 11.26 |
T/Bonds (5 years) | 12.57 | 12.64 |
T/Bonds (10 years) | 14.38 | 14.38 |
T/Bonds (15 years) | 14.43 | 14.43 |
December 2017 | January 2018 | |
Lending Rate | 20.28 | 20.26 |
Time Deposit Rate | 8.22 | 8.99 |