The Supreme Court on Friday dismissed, with costs to the respondents, an appeal by Bank of Uganda against businessman Dr. Sudhir Ruparelia and Meera Investments, the real estate arm of the Ruparelia Group, bringing to end a five year litigation battle between the businessman and the central bank.
The five justices of Supreme Court including Rubby Opio Aweri, Percy Tuhaise, Ezekiel Muhanguzi,Prof. Tibatemwa Ekirikubinza and Faith Mwondha also ordered that the management of Crane Bank (in receivership) be returned to its shareholders, the original owners.
Now, in an interview with Spy Uganda, a local online news website, Dr. Sudhir Ruparelia has lamented that Bank of Uganda actions to close Crane Bank and allegation of mismanaging the bank he founded injured his reputation as a businessman.
"I made heavy losses because of Bank of Uganda. My reputation as a businessman was destroyed. I have never failed any business. Bank of Uganda killed my career when they said I had failed my own business, Crane Bank. That has a bearing especially with my business partners,"
He added: "I told you from the beginning that Bank of Uganda stole my bank. I thank the judiciary for not shielding such dubious games. They have to pay costs of the suit right from the commercial court to the Supreme Court,"
When Dr. Sudhir Ruparelia lost Crane Bank over alleged mismanagement, by law, it meant that he cannot open or directly run another financial institution. In fact, because of that, he also lost his forex bureaus. This, he says, is not good for his name and business.