DFCU Bank will continue to occupy freehold properties of Meera Investments Ltd for another 24 months. This comes after Bank of Uganda signed to extend the dfcu Bank extra time on the properties.
According to PMLDaily.com, a local news site, central bank Governor Emmanuel Tumusiime Mutebile, his deputy Dr. Louis Kasekende and legal director Margaret Kasule okayed the deal officially.
The contested properties are those that used to house Crane Bank branches across the country. They are owned by Meera Investments Ltd, a company that is owned by businessman Sudhir Ruparelia.
Crane Bank was also owned by Ruparelia before it was taken over by the central bank and later sold to DFCU Bank. When DFCU took over assets and liabilities of Crane Bank is also moved into the said properties.
At the moment, Ruparelia and Meera Investment in court contesting the move by Bank of Uganda to hand over the buildings to DFCU Bank. The businessman is demanding that DFCU pays rent and rent arrears in billions of shillings.