Earth Finds

Earth Finds

Gadenya To Hear Sudhir Case Against dfcu Lawyers

Justice Paul Gadenya will now handle the case in which property mogul Sudhir Ruparelia sued city law firm Sebalu & Lule Advocates, seeking to stop them from representing dfcu Bank for alleged conflict of interest.

This comes after after Justice David Wangutusi, the head of the court, and his deputy, Justice Elizabeth Jane Alividza, declined to hear it, Solomon Muyita, the Judiciary senior communications officer, told Daily Monitor.

“The file was allocated to Justice Gadenya. However, he has not allocated it a hearing date because he is away in the field,” Muyita stated, explaining that initially, the case was allocated to Justice Alividza but she felt that it would be better if it was handled by Justice Wangutusi, since he was handling similar matters.

He added that when the file was sent to Justice Wangutusi, he also declined to hear it on grounds that it was a different matter that should be handled by another judge and the file was thus sent to Justice Gadenya.

In the case, Mr Ruparelia claims that Sebalu and Lule Advocates is “guilty” of conflict of interest and should not represent dfcu Bank which he sued. Mr Ruparelia, through his Crane Management Services, sued dfcu Bank over rental arrears owed by the sister company Crane Bank, which was closed by the central bank in 2016 and later sold to dfcu Bank. 
Mr Ruparelia claims there exists an ‘advocate-client’ relationship between him and Sebalu & Lule Advocates because the same law firm had previously represented his companies. 
He further avers that because of that relationship, confidential information was discussed between the two and will use such information to his disadvantage if the law firm represents dfcu Bank.

SOURCE: Daily Monitor

Bad Investment Choices Forcing dfcu Shareholders To Exit

Poor investment choices made by dfcu Bank in Uganda are pushing shareholders away, leaving the commercial bank in an enviable state, media reports say.

Without naming the uncomfortable shareholder, Eagle Online Wednesday reported that Dfcu bank’s major shareholder is said to be unhappy with the bank’s business and is interested in detaching from the bank.

Once such bad investment choice is the Shs1.8 billion Dfcu Financial Centre built at Kampala Industrial Business Park in Namanve, Wakiso District. The building continues to eat into the bank’s finances in terms of security, power and other costs even though the bank is not gaining from it.

The bank reportedly only Shs60 billion in profit despite making an investment of about Shs3trn over the recent years.

Dfcu Bank continues to face scrutiny ever since they took over Crane Bank in 2017 in a manner the public says was dubious. Some shareholder were not happy with the transaction that has put the bank in bad image.

In July 2018, UK’s CDC Group indicated its desire to exit the investment. Other shareholders in Dfcu Bank include Arisse BV, National Social Security Fund Uganda, The Rock Creek Group LP and Old Mutual Investment Group (Pty) Ltd.

Russell Investment Management LLC, Bank of Uganda Staff Retirement Benefit Scheme, Vanderbilt University Foundation, Conrad N. Hilton Foundation and Jubilee Investment Co. Ltd. are the other shareholders.

Billionaire Strive Masiyiwa Endorses Sudhir’s Speke Resort Munyonyo

Africa’s 8th richest person- billionaire Strive Masiyiwa has been awed by the classic beauty of Speke Resort Munyonyo and its extension Commonwealth Resort proposing that the luxurious five star hotel resort should be named “the official African Conference Centre.”

“Why don’t we declare this venue; this site, the official African Conference Centre?” Masiyiwa, according to journalist Muhereza Kyamutetera, told guests at Africa Now Conference 2019.

“I go all over Africa to conferences and in big hotels and we go to the basements and we come to this amazing venue…thank you very much for organizing it. I will come every year if you want,” added an elated Masiyiwa.

Speke Resort Munyonyo is part of the illustrious Speke Group of Hotels owned by mogul Dr. Sudhir Ruparelia while Masiyiwa is the founder and Chairman of global telecommunications group Econet Wireless and is valued at $2.3 billion by Forbes.

The Africa Now conference attracted over 1000 guests including H. E. Mohamed Abdullahi Mohamed, President of Somalia; H.E William Samoei Ruto, the Vice President of Kenya and H. E. Samia Hassan Suluhu, the Vice President of Tanzania.

In the past Speke Resort Munyonyo has hosted some of the continent’s high profile events including the The Commonwealth Heads of Government Meeting (CHOGM) of 2007. The meeting was graced by the Queen of England.

Officially known as Speke Resort & Conference Centre, the hotel offers you the ultimate in luxury accommodation in Kampala and has leisure facilities together with the finest conference and business meeting location in East Africa.

Speke Resort Munyonyo was built in 2001 and accommodated the visiting Presidents and Prime Ministers at the 2007 Commonwealth Conference (CHOGM). Speke Resort Munyonyo offers 10 state-of-the-art conference rooms including a 1,000-seat ballroom and 9 multi-functional meeting rooms that accommodate groups of 10-300 people.

Leisure facilities include, Uganda's only Olympic size swimming pool, an equestrian centre and a choice of fine bars and restaurants, all with different international menus. It's Business Centre offers internet surfing, faxing, photocopying and electronic mail services.

Catch Women’s Day At Speke Resort Munyonyo

The first of celebrating women is to love them, unconditionally. This love should emotional and physical, you should be able to show.

And this international women’s day, you can be able to demonstrate your love to the women of your life by giving them a treat at Speke Resort Munyonyo and Munyonyo Commonwealth Resort.

And the five star hotel is making it affordable with Women's Day special weekend packages starting Thursday 7th March through 10th March, 2019. On 7th March, you and the ladies in your life can enjoy sparkling cocktails and sparkling wines at the Bubbly Bat, Lake Terrace.

On the D-day, 8th March, you and the women in your life will be treated to a band night and cake cutting for all women in the house with complementary glass of sparkling wine, juice. On this bid day, all cocktails will go a discounted Shs15, 000.

On 9th March at Viking Bar, all cocktails will be selling at a further reduced Shs12, 000 before winding up the weekend on 10th March with soothing Sunday for all resident guests at SRM poolside.

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