Businessman Sudhir Ruparelia had no kind words for Bank of Uganda officials while speaking to the press at Commercial Court moments after winning a case in which he battled the Central Bank that sought recovery of shs 397 billion he allegedly took out of Crane Bank.
Commercial Court on Monday delivered a ruling in Sudhir’s favour on grounds that Crane Bank (in receivership) lacked a legal basis to sue the tycoon.
The judgement was made by Justice David. K. Wangutusi who also ordered the applicant (Crane Bank) on behalf of Bank of Uganda to pay legal costs to Mr. Sudhir.
Responding to journalists on his take after the ruling, Sudhir opened his remarks by referring to managers of Bank of Uganda as Mafia, a phrase that has lately been used by ministers in government to describe a corrupt cabal of senior leaders in the country.
Sudhir regarded the win as a “tremendous achievement” and “historical” because no single Ugandan had succeeded in taking on Bank of Uganda in court despite closing and illegally selling off six private banks before taking over Crane Bank.
“I think this is a big win over the mafias, and they have taken over different seven banks in fraudulent ways and they are holding a developing country at ransom,” Sudhir said.
He wondered why such individuals are not arrested.
“These people should be arrested.”
Sudhir emotionally recounted the 25 years he spent developing and growing his financial institution only to be robbed in broad daylight.
“I am a shareholder in Crane Bank I put in 25 years of investment, time and hard work and then you steal my bank?” he asked.
He further questioned the claim made by Bank of Uganda that it recapitalized Crane Bank with shs 497 billion but couldn’t account for shs 290 billion.
The Auditor General after conducting a forensic audit into Crane Bank sale failed to trace shs 290 billion.
“I don’t think its something new, COSASE came out and exposed them,” Sudhir said.
He thanked his lawyers KAA who managed to present him in court and exhibiting confidence in interpreting the law while taking on Bank of Uganda.
“Me and my son we thank the lawyers who did a tremendous job and they are very confident lawyers.
This is a tremendous achievement and historical. Nobody in the past has been able to get the Central Bank because they have stolen 7 different banks and not able to account to any shareholder.
The whole essence is they get something will assets, steal it and can’t account for it. This is ridiculous,” Sudhir concluded.
