The Supreme Court has Friday morning dismissed, with costs, an appeal by Bank of Uganda against city tycoon Sudhir Ruparelia and Meera Investments.
On top of ordering the central bank to directly pay costs at all court levels, right from the Commercial Bank, Uganda’s top court also ordered that Crane Bank is reverted to its owners.
Friday’s verdict effectively settles a long-standing legal battle between Sudhir and the bank regulator, dating back to 2017.
It also means real estate mogul Sudhir will not pay the sh397b that Bank of Uganda had wanted him to pay.
“Bank of Uganda stole my bank,” Sudhir, who attended the court session in Kampala, said after the decision was announced.
“They have to pay costs of suit right from the Commercial Bank to the Supreme Court.”
Basically, Friday’s ruling was on an application to withdraw an appeal and the party that was supposed to meet the costs of the withdraw of the appeal.
Crane Bank Limited (in receivership) had sued Sudhir and Meera Investments Limited in the High Court Commercial Divison. The bank had sought recovery of money, allegedly misappropriated by Sudhir as a director and shareholder.
The bank had also sought delivery of freehold certificates of title to 48 properties with duly executed transfer deeds in its favour.