The Supreme Court has on Friday ruled that the ownership of Crane Bank is reverted to its original owner Sudhir Ruparelia.
In a decision read by the Court Registrar Mary Babirye on behalf of five Supreme Court Justices; Opio Aweri, Faith Mwondha, Lillian Tibatemwa, Ezekiel Muhanguzi and Percy Night, court kicked out the appeal by Bank of Uganda / Crane Bank against Sudhir and Meera investments Ltd.
Bank of Uganda (BoU) /Crane Bank in receivership sued Sudhir Ruparelia and Meera Investments Limited for allegedly fleecing the defunct Crane Bank Limited (CBL) of Shs397 billion.
The court dismissed the charges on account that Crane Bank (In receivership) did not have powers to sue and be sued since it was almost nonexistent. Bank of Uganda/ Crane Bank (In receivership) however challenged the decision, arguing that receivership is a management decision and can be sued or vice versa.
Court ruled that the receivership of Crane Bank Limited ended on January 20, 2018, and from that date, the management and control of Crane Bank returned to its Shareholders.
The battle has been raging on for five years.
Sudhir’s lawyers Kampala Associated Advocates celebrated the ruling on social media, writing; “the dispute between @BOU_Official Vs Sudhir Rupareila has finally been disposed off and dismissed in favor of our client. The Supreme Court has also held that the management of Crane Bank reverted to the shareholders after the 20/01/2018. Well done to our team