The Central Bank has shelved Timothy Masembe Kanyerezi of MMAKS Advocates and David Mpanga from FK Mpanga and Company Advocates as its legal representatives in a Court Battle against tycoon Sudhir Ruparelia.
TrumpetNews understands that Bank of Uganda (BoU) acquired new legal officers from Sebalu Lule & Co. Advocates.
BoU accuses Sudhir, the former Crane Bank proprietor, of siphonin billions of shillings from the financial institution, leading to its collapse.
BoU took a decision to drop its former lawyers after Sudhir complained the duo worked for him at Crane Bank therefore there was conflict of interest and breach of trust.
On the other hand, Sudhir blames BoU for flouting key terms of a Confidential Settlement and Release Agreement (CSRA) he signed with the central bank.
Sudhir with his son Rajiv Ruparelia and BoU officials yesterday met Commercial Court Judge in a closed door meeting.
According to a source privy to this meeting, the Central Bank told Court it had acquired new lawyers as a means of setting a levelled ground for mediation.
After the meeting Sudhir told the media that what was discussed is confidential.
It must be noted that Judge Yorokamu Bamwine earlier advised the two parties to engage in mediation, but the affluent businessman Sudhir exhibited no interests in talks.
He also want court to direct former BoU lawyers be listed as his witnesses in the case.
Through his lawyers of Kampala Associated Advocates, Sudhir told court that on several occasions, companies in which he was a shareholder gave instructions to MMAKs Advocates and sought legal assistance from them.”
In reply to these submissions, Counsel Masembe from MMAKS had argued that his firm never represented Sudhir as an individual but his companies.
“We the lawyers are independent people; we are not mouthpieces of our clients,” he stressed.
Sebalu & Lule is a leading Ugandan business law firm. Founded in 1980, it’s one of the oldest and largest law firms in the country.