Businessman Sudhir Ruparelia has had tumultuous times ever since Bank of Uganda moved to clamp his Crane Bank citing insolvency and mismanagement of the commercial bank.
The central bank would go on to sell Crane Bank to dfcu Bank in 2017 in a manner that Sudhir describes as rushed negligent and fraudulent. Ever since then, Sudhir has been in and out of court fighting for justice and he is not about to relent.
While this fight is draining physically and emotionally, Sudhir is not about to give up and let his hard earned businesses and integrity be rolled in the mad. In an interview with CEO East Africa, the businessman says he is determined to fight on.
“As a Group, we are determined to defend both our integrity and that which belongs to us. We are also determined to expose the wrong doing by some of these entities that were involved in the fraudulent and illegal closures because we know that is not only us who were affected but many other Ugandans,” he told CEO East Africa’s Kyamutetera Muhereza.
In court, Sudhir is suing and is being counter sued by Bank of Uganda, dfcu Bank and Crane Bank (in receivership). He has also had fights with law firms that previously worked for him but turned around to work for his enemies.
Those he has triumphed easily. Commercial Court in December 2017 disqualified city lawyers Kanyererezi Masembe and David Mpanga from the sh397b Sudhir Ruparelia’s case against Bank of Uganda (BoU) citing conflict of interest.
Court also last month disqualified Sebalu & Lule Advocates from representing DFCU Bank for being conflicted. Like Masembe and Mpanga, Sebalu & Lule Advocates did some work for Sudhir’s Ruparelia Group.
The media has quoted Sudhir saying he wants his bank back but the fate of that is faint and it can get clearer after the numerous court sessions ahead. “As you are aware, we are in court contesting what we believe was an unjustified closure of our bank, but also the rushed negligent and fraudulent manners in which it was closed,” he said.
“However, our claims have so far been proved by the findings of the Auditor General and parliament’s committee on Commissions, Statutory Authorities and State Enterprises (COSASE) who found out that closure of Crane Bank and 6 other banks before that, breached several provisions of the Financial Institutions Act (2004) and was therefore illegal.” He further said.