Businessman Sudhir Ruparelia’s legal team has on Thursday afternoon filed its defence at the Commercial Court challenging the Central Bank’s application accusing the tycoon of embezzling shs 400 billion from defunct Crane Bank.
This development follows requests by Sudhir’s lawyers to Bank of Uganda to avail them with 26 files in order to file defence but BoU through its lawyers MMAKS Advocates and AF Mpanga Advocates managed to produce only one document.
MMAKS Advocates and AF Mpanga Advocates revealed that they could only avail Sudhir with only a single document listed as ‘No. 24’. However, they did not provide a cogent reason why the businessman could not be availed with the requested files.
Now that Sudhir has tendered in his defence, observers are keenly following events where Bank of Uganda officials are expected to be exposed how they played a role in Crane Bank collapse.
Whereas Bank of Uganda accuses the affluent businessman of siphoning billions of depositors’ money, no single customer had raised a complaint over missing cash from the bank.
Instead Crane Bank customers came out to accuse Bank of Uganda of neglecting the 4th biggest financial institution as it crumbled.
In October last year, the Central Bank took over Crane Bank before selling it off to DFCU Bank in January.
The public still questions the intentions of head of supervision at Bank of Uganda Justine Bagyenda for looking on as Crane Bank collapsed yet she would attend its occasions.