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    EC Sets programme and polling date for Bukimbiri County Parliamentary by-election 

    EC Sets programme and polling date for Bukimbiri County Parliamentary by-election

    Soroti City East By-elections: EC sets Tentative but Statutory deadline as Justice Byabakama Preaches fairness and Free process

    Soroti City East By-elections: EC sets Tentative but Statutory deadline as Justice Byabakama Preaches fairness and Free process

    More Clout: Stanbic Bank’s CEO Anne Juuko Business Leadership Skills Continues to Star, wins at the ABLA

    More Clout: Stanbic Bank’s CEO Anne Juuko Business Leadership Skills Continues to Star, wins at the ABLA

    Electoral Commission Issues Detailed 2022 Guidelines for Women Councils and Committees From Village to District Levels

    Electoral Commission Issues Detailed 2022 Guidelines for Women Councils and Committees From Village to District Levels

    Raw Deal: Businesses cry Foul, says they Reap Zero out of Billions they Invest in ‘Influencers’ that Never Attract a Penny in Sales

    Raw Deal: Businesses cry Foul, says they Reap Zero out of Billions they Invest in ‘Influencers’ that Never Attract a Penny in Sales

    Still on MPs` Salary Upsurge? Well, Hon. Speaker Anita Among`s UGX2.5Bn New Mercedoz Finally Jet into the Country! 

    Still on MPs` Salary Upsurge? Well, Hon. Speaker Anita Among`s UGX2.5Bn New Mercedoz Finally Jet into the Country!

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    UNBS closes Sunshare factory over failure to comply with Standards

    UNBS closes Sunshare factory over failure to comply with Standards

    Outgoing PRAU President Cynthia Mpanga (right) hands over the key to new PRAU President Sarah Kagingo as PRAU Patron Min. Frank Tumwebaze looks on

    Hon. Frank Tumwebaze graces PRAU Governing Council Handover Ceremony

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    To Connect the Unconnected with Innovations towards Inclusive Growth

    To Connect the Unconnected with Innovations towards Inclusive Growth

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    Vincent Omoth – Marketing Manager Fresh Dairy (L) hands over 20 classroom desks to Head Teacher Kirinya Catholic School

    Fresh Dairy donates classroom desks to Kirinya Catholic Primary School

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    Final Whistle: UMA and NCF Floor UNCC as Ministry of Gender, Labor and Social Development Okays 28th June as Date for New Leaders Elections

    Final Whistle: UMA and NCF Floor UNCC as Ministry of Gender, Labor and Social Development Okays 28th June as Date for New Leaders Elections

    English Whistle: Englishman Anthony Woodthorpe Won’t Stomach Stubbornness at Rugby Africa Cup in France 

    English Whistle: Englishman Anthony Woodthorpe Won’t Stomach Stubbornness at Rugby Africa Cup in France

    Never Say Never: Doreen Kabareebe to finally Represent Uganda at the MS International Beauty Pageant

    Never Say Never: Doreen Kabareebe to finally Represent Uganda at the MS International Beauty Pageant

    Good to Fly: Crested Cranes CECAFA SWC Triumph Signals a Ready Team for the Morocco Bound AFCON

    Good to Fly: Crested Cranes CECAFA SWC Triumph Signals a Ready Team for the Morocco Bound AFCON

    The Bul-let: Resilient BUL FC fires a revenge bullet into Vipers Fresh at Stanbic Uganda Cup, stopping the Venoms Season Double 

    The Bul-let: Resilient BUL FC fires a revenge bullet into Vipers Fresh at Stanbic Uganda Cup, stopping the Venoms Season Double

    New Precedence: King Saha, Lawyer Erias Lukwago threaten to Contest any form of Online-Based Voting for UMA Presidency 

    New Precedence: King Saha, Lawyer Erias Lukwago threaten to Contest any form of Online-Based Voting for UMA Presidency

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    NWSC Improves Apac Water Supply with over 150 Kms of Main Extensions to Cover 60% of the Quantity Projected 

    NWSC Improves Apac Water Supply with over 150 Kms of Main Extensions to Cover 60% of the Quantity Projected 

    Expert adds Scientific Angle to NCS’s Witchcraft Scandal without Dismissing the Vice as a Big Pass time for Africans

    Expert adds Scientific Angle to NCS’s Witchcraft Scandal without Dismissing the Vice as a Big Pass time for Africans

    Covid-Funds-Theft Records: Top Health Ministry Officials Stuck with UGX52Bn Loot as Districts Jam to Account for Air 

    Covid-Funds-Theft Records: Top Health Ministry Officials Stuck with UGX52Bn Loot as Districts Jam to Account for Air

    National Water and Sewerage Corporation Technical Staff’ Skills Enhanced for Better Service Delivery 

    National Water and Sewerage Corporation Technical Staff’ Skills Enhanced for Better Service Delivery

    The Story: How Nabilah’s Sobbing Husband Ssempala Left a Hole into which Barya Slipped and Filled

    The Story: How Nabilah’s Sobbing Husband Ssempala Left a Hole into which Barya Slipped and Filled

    U`re Hypocrites: Ugandan Socialite Zaituni Kirigwajjo aka Zari Freezes her Appearances on all Uganda Events 

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    UNBS closes Sunshare factory over failure to comply with Standards

    UNBS closes Sunshare factory over failure to comply with Standards

    UG Pineapple at B&W

    It was Blankets and Pineapple Waragi as SA’s Distruction Boys entertain Kampala

    To Connect the Unconnected with Innovations towards Inclusive Growth

    To Connect the Unconnected with Innovations towards Inclusive Growth

    Cindy Sanyu

    Cindy Sanyu to headline Eastern Megafest

  • 2021 Uganda Elections
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    EC Sets programme and polling date for Bukimbiri County Parliamentary by-election 

    EC Sets programme and polling date for Bukimbiri County Parliamentary by-election

    Soroti City East By-elections: EC sets Tentative but Statutory deadline as Justice Byabakama Preaches fairness and Free process

    Soroti City East By-elections: EC sets Tentative but Statutory deadline as Justice Byabakama Preaches fairness and Free process

    More Clout: Stanbic Bank’s CEO Anne Juuko Business Leadership Skills Continues to Star, wins at the ABLA

    More Clout: Stanbic Bank’s CEO Anne Juuko Business Leadership Skills Continues to Star, wins at the ABLA

    Electoral Commission Issues Detailed 2022 Guidelines for Women Councils and Committees From Village to District Levels

    Electoral Commission Issues Detailed 2022 Guidelines for Women Councils and Committees From Village to District Levels

    Raw Deal: Businesses cry Foul, says they Reap Zero out of Billions they Invest in ‘Influencers’ that Never Attract a Penny in Sales

    Raw Deal: Businesses cry Foul, says they Reap Zero out of Billions they Invest in ‘Influencers’ that Never Attract a Penny in Sales

    Still on MPs` Salary Upsurge? Well, Hon. Speaker Anita Among`s UGX2.5Bn New Mercedoz Finally Jet into the Country! 

    Still on MPs` Salary Upsurge? Well, Hon. Speaker Anita Among`s UGX2.5Bn New Mercedoz Finally Jet into the Country!

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Tech
    • All
    • Apps
    • Gadget
    • Mobile
    • Startup
    UNBS closes Sunshare factory over failure to comply with Standards

    UNBS closes Sunshare factory over failure to comply with Standards

    Outgoing PRAU President Cynthia Mpanga (right) hands over the key to new PRAU President Sarah Kagingo as PRAU Patron Min. Frank Tumwebaze looks on

    Hon. Frank Tumwebaze graces PRAU Governing Council Handover Ceremony

    UG Pineapple at B&W

    It was Blankets and Pineapple Waragi as SA’s Distruction Boys entertain Kampala

    To Connect the Unconnected with Innovations towards Inclusive Growth

    To Connect the Unconnected with Innovations towards Inclusive Growth

    Cindy Sanyu

    Cindy Sanyu to headline Eastern Megafest

    Vincent Omoth – Marketing Manager Fresh Dairy (L) hands over 20 classroom desks to Head Teacher Kirinya Catholic School

    Fresh Dairy donates classroom desks to Kirinya Catholic Primary School

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
  • Entertainment
    • All
    • Gaming
    • Movie
    • Music
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    Final Whistle: UMA and NCF Floor UNCC as Ministry of Gender, Labor and Social Development Okays 28th June as Date for New Leaders Elections

    Final Whistle: UMA and NCF Floor UNCC as Ministry of Gender, Labor and Social Development Okays 28th June as Date for New Leaders Elections

    English Whistle: Englishman Anthony Woodthorpe Won’t Stomach Stubbornness at Rugby Africa Cup in France 

    English Whistle: Englishman Anthony Woodthorpe Won’t Stomach Stubbornness at Rugby Africa Cup in France

    Never Say Never: Doreen Kabareebe to finally Represent Uganda at the MS International Beauty Pageant

    Never Say Never: Doreen Kabareebe to finally Represent Uganda at the MS International Beauty Pageant

    Good to Fly: Crested Cranes CECAFA SWC Triumph Signals a Ready Team for the Morocco Bound AFCON

    Good to Fly: Crested Cranes CECAFA SWC Triumph Signals a Ready Team for the Morocco Bound AFCON

    The Bul-let: Resilient BUL FC fires a revenge bullet into Vipers Fresh at Stanbic Uganda Cup, stopping the Venoms Season Double 

    The Bul-let: Resilient BUL FC fires a revenge bullet into Vipers Fresh at Stanbic Uganda Cup, stopping the Venoms Season Double

    New Precedence: King Saha, Lawyer Erias Lukwago threaten to Contest any form of Online-Based Voting for UMA Presidency 

    New Precedence: King Saha, Lawyer Erias Lukwago threaten to Contest any form of Online-Based Voting for UMA Presidency

  • Lifestyle
    • All
    • Fashion
    • Food
    • Health
    • Travel
    NWSC Improves Apac Water Supply with over 150 Kms of Main Extensions to Cover 60% of the Quantity Projected 

    NWSC Improves Apac Water Supply with over 150 Kms of Main Extensions to Cover 60% of the Quantity Projected 

    Expert adds Scientific Angle to NCS’s Witchcraft Scandal without Dismissing the Vice as a Big Pass time for Africans

    Expert adds Scientific Angle to NCS’s Witchcraft Scandal without Dismissing the Vice as a Big Pass time for Africans

    Covid-Funds-Theft Records: Top Health Ministry Officials Stuck with UGX52Bn Loot as Districts Jam to Account for Air 

    Covid-Funds-Theft Records: Top Health Ministry Officials Stuck with UGX52Bn Loot as Districts Jam to Account for Air

    National Water and Sewerage Corporation Technical Staff’ Skills Enhanced for Better Service Delivery 

    National Water and Sewerage Corporation Technical Staff’ Skills Enhanced for Better Service Delivery

    The Story: How Nabilah’s Sobbing Husband Ssempala Left a Hole into which Barya Slipped and Filled

    The Story: How Nabilah’s Sobbing Husband Ssempala Left a Hole into which Barya Slipped and Filled

    U`re Hypocrites: Ugandan Socialite Zaituni Kirigwajjo aka Zari Freezes her Appearances on all Uganda Events 

    U`re Hypocrites: Ugandan Socialite Zaituni Kirigwajjo aka Zari Freezes her Appearances on all Uganda Events

    Trending Tags

    • Golden Globes
    • Game of Thrones
    • MotoGP 2017
    • eSports
    • Fashion Week
  • Opinions
    UNBS closes Sunshare factory over failure to comply with Standards

    UNBS closes Sunshare factory over failure to comply with Standards

    UG Pineapple at B&W

    It was Blankets and Pineapple Waragi as SA’s Distruction Boys entertain Kampala

    To Connect the Unconnected with Innovations towards Inclusive Growth

    To Connect the Unconnected with Innovations towards Inclusive Growth

    Cindy Sanyu

    Cindy Sanyu to headline Eastern Megafest

  • 2021 Uganda Elections
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Central Bank Caves In, Finally agrees to return Money Tycoon Sudhir had deposited to Run Forex Bureaus

March 29, 2019
inCrime
Central Bank Caves In, Finally agrees to return Money Tycoon Sudhir had deposited to Run Forex Bureaus

Deputy BOU Governor Louis Kasekende (Courtesy Photo)

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KAMPALA, Uganda: Dr. Sudhir Ruparelia had accused the Central Bank of holding onto the money in question in a bid to coerce him into negotiating a case where he is accused of purportedly causing the collapse of Crane Bank. The Central Bank filed the case accusing Sudhir of allegedly removing over UGX200Bn from Crane Bank (CB). The regulator claimed the loss led to the alleged insolvency of Crane Bank.

After closing Crane Bank, the central bank also closed the four forex bureaus which Sudhir was running at the time. The businessman then wrote to the demanding for the return of the money he had deposited with the regulator as a security for running the business of the bureaus. The four bureaus were stationed at Speke Hotel, Speke Forex (Kampala Road), Stanhope Forex and Red Fox.

But the Central bank wrote bank, stating that they could not refund the money before the conclusion of the case they had filed against Sudhir regarding the collapse of Crane Bank.

After fruitless back and forth negotiations between the two parties over the refund, the businessman filed a case at the commercial section of the High Court. He was questioning the rationale of holding the money he had deposited as security for running the forex bureaus even when the Central Bank had closed them.

By holding onto his money, Sudhir reasoned that Bank of Uganda (BOU) was denying the opportunity of the funds in alternative business ventures and by extension denying him profit from such new ventures.

BOU maintained initially, that they were holding the money legally pending the determination of the case they filed against Sudhir. But the businessman contended that the forex bureaus were separate legal entities and had nothing to do with the Crane bank let alone the lawsuit he was involved in with the central bank.

The Central Bank has however, finally agreed to make a refund totaling UGX277, 817,453 including money that Sudhir had paid for renewal of the bureaus operation licenses. The Central Bank’s Deputy Governor Louis Kasekende signed the consent arrangement while Sudhir signed on behalf of the bureaus.

The Commercial Court’s assistant Deputy Registrar, Lilian Buchana signed and sealed the consent in order to give it a legal effect. While Sudhir had asked for damages of over UGX200m as well as interest plus costs of the suit, the Central Bank did not agree to that demand. These are the issues that now remain for court to determine. The Central Bank was represented by MMAKS and company advocates while Magna and company advocates represented Sudhir.

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  • Health2022.06.24NWSC Improves Apac Water Supply with over 150 Kms of Main Extensions to Cover 60% of the Quantity Projected 
  • Politics2022.06.14Soroti City East By-elections: EC sets Tentative but Statutory deadline as Justice Byabakama Preaches fairness and Free process
  • Featured2022.06.10Positive Start: Willing Female, Women Residents Register as EC kicks off compilation exercise of Village Women Residents’ register
  • Politics2022.06.07Electoral Commission Issues Detailed 2022 Guidelines for Women Councils and Committees From Village to District Levels
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