Eve Mbasabye

Eve Mbasabye

We Are Ready To Defend What Belongs To Us - Sudhir Vows

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.

Ssekabembe On Verge Of Quitting dfcu Bank

Even with the colossal millions of money spent to retain him at dfcu Bank, William Ssekabembe, the Chief of Business and Executive Director at the commercial bank is considering quitting the troubled financial institution.

Ssekabembe, who preferred to replace former dfcu Bank managing director Juma Kisaame, was poised to join a rival bank upon knowing that the bank’s board was looking elsewhere to replace Kisaame. He actually resigned. At the time, dfcu was vetting now managing director Mathias Katamba, who was the managing director of Housing Finance Bank.

But well knowing Ssekabembe’s resourcefulness to the bank, dfcu decided to increase his salary from Shs38,035,800 to Shs56,000,000, effective September 2018. But even with this unprecedented salary increase he remains uncomfortable working for dfcu Bank and has his heart elsewhere.

And now reports coming in indicate that he is mooting exiting dfcu bank. He will join a list of senior management officials who have thrown in the towel to quit the commercial bank for various reasons. Many of the quitting officials joined rival banks to get a better life and career development.

Recently, Denis Kibukamusoke who has been working as the Head of Consumer Banking, quit the bank. In March, Dr. Winifred Tarinyeba Kiryabwire, who was a director on the board of DFCU bank, and Agnes Tibayeyita Isharaza who was the chief legal officer and company secretary, quit the commercial bank due to acquiring better jobs elsewhere.

The sources say Ssekabembe can no longer stomach the fact that Dfcu bank board declined to offer him the job of managing director after the departure of troubled Juma Kisaame left yet they had promised him.

Sources say the dfcu Bank board had earlier promised to give that job to Sekabembe after KCB Uganda came asking for his services as MD of that bank. Sekabembe declined the job offer in a letter dated September 5, 2018 which Eagle Online has a copy.

KISU Wins 5th FUFA Corporate Football Tournament

Kampala International School of Uganda (KISU) took advantage of penalty shootout to win the 5th edition of FUFA Corporate Football Tournament. They saw of Corporate League team after a nil-all draw in the final. The penalties ended 3-1. This took place on Saturday, April, 27th at KISU in Bukoto, Kampala.

The three KISU penalties were converted by Phillip Tumwine, Saad Musonera and Robinson Katabarwa while John Musisi converted the lone penalty for Corporate League. The two sides had earlier faced off in another 1-1 stalemate at the group stage. KISU was rewarded with winner’s medals, a trophy, a cash prize of Shs3m and certificate of participation.

The other teams that took part in the one day football showcase included Nile Special, Sogea Satom, Airtel Uganda, Kyagalanyi Coffee, Diamond Trust Bank, UPL Secretariat, National Population Council, Civil Aviation Authority, KISU, Corporate League Team, Ecobank, FUFA FM, Red Pepper, Bidco Uganda.

The team captain of KISU Tumwine thanked his teammates for working hard, the reason they won the tournament. “We came here to just compete and we didn’t think of winning the championship. I thank my teammates for the commitment and hard work,” said Tumwine.

Victoria University Gets Student Hostels

Victoria University has announced they have started providing hostel services to students in a clean, private, secure facility located in the city centre. The university without disclosing the exact location of the hostel facility said it is located in a walkable distance from campus on Jinja Road, opposite Dewinton Road.

The fully furnished hostel facility comes with a dining area for both single and double rooms. From the hostel, students can easily access shopping malls, markets, commercial banks & ATM machines, health centres and other service providers a student can need.

Victoria University's mission is to provide a dynamic employment facing learning experience; facilitated by qualified and committed teachers in a modern, fully equipped facilities. The university stands out as a pivot of academic excellence.

“We are committed to the advancement of higher education in the country and the East African region by establishing exemplary, specialised and employment-oriented education,” Dr. Krishna N. Sharma, the Vice Chancellor, said in a previous interview.

“Our backbone too is solid, as we are backed by the Ruparelia Group which is notable in the education sector in Uganda and has under its portfolio the renowned Kampala International School Uganda and Kampala Parents School,”

The vision of the University is to provide access to higher education which transcends national boundaries and to develop educational opportunities which conform to the highest international standards.

Subscribe to this RSS feed