The Bank of Uganda (BoU) has decided to withdraw an appeal that was contesting the Court of Appeal’s dismissal of the case it filed on behalf of Crane Bank Ltd (in receivership) vs. Sudhir Ruparelia and Meera Investments Ltd.
In a September 15 notice of withdrawal, the Supreme Court Registrar indicates that BoU has decided not to prosecute the appeal and will pay costs.
The notice is signed by the central bank lawyers Messers Byamugisha & Co Advocates, confirming the latest victory for Mr. Ruparelia who has given the BOU a run of their money in court, ever since they closed Crane Bank which he owned.
On June 23, 2020, the Court of Appeal upheld the judgment of the Commercial Court in an application filed by BoU seeking a refund of UGX 397 billion from the city tycoon.
Justice David Wangutusi of Commercial Court in August 2019 dismissed the first case in which BoU claimed that Ruparelia and his Meera Investments Ltd fleeced his own Crane Bank Ltd (now in receivership) of UGX 397 billion.
On Tuesday, June 30, the BoU had insisted that receivership does not take away the corporate personality of a company which includes the right to trace and recover assets and the right to sue for those assets.
In the preliminary stages of the appeal, the Supreme Court in August this year, dismissed with costs, an application by lawyers representing the Bank of Uganda (BoU) in which they sought to substitute the court record from Crane Bank Ltd (in receivership) to Crane Bank Ltd (in Liquidation).