Monday, February 6, 2023
  • Login
The Investigator News
Advertisement
  • Home
  • News
    • All
    • Science
    • World
    Fake Blackmail: Let Ham Deliver Nakivubo Stadia instead of Labeling Bond Okello, Audrine Nsubuga Unpatriotic

    Fake Blackmail: Let Ham Deliver Nakivubo Stadia instead of Labeling Bond Okello, Audrine Nsubuga Unpatriotic

    Heroine! Presidency Minister Milly Babalanda Saves Kyabazinga from Physical Assault at the Canada Busoga Symposium

    Heroine! Presidency Minister Milly Babalanda Saves Kyabazinga from Physical Assault at the Canada Busoga Symposium

    All Royal: HRH Kamuswaga Concludes His Official Trip to California with Lots of Investors` Attraction to Kooki Kingdom

    All Royal: HRH Kamuswaga Concludes His Official Trip to California with Lots of Investors` Attraction to Kooki Kingdom

    Of Daily Monitor’s 30th Well-Earned Birth Bazaar And the Tough Scribes That Have kept M7`s Sleep in Constant Check

    Of Daily Monitor’s 30th Well-Earned Birth Bazaar And the Tough Scribes That Have kept M7`s Sleep in Constant Check

    Stephen Kissa the Pace-setter

    Stephen Kissa: Unveiling the Country’s Pace-maker who set Ace Cheptegei`s World Athletics` Gold and Bronze Medals

    NRMO Canada Symposium: Minister Ruth Nankabirwa to Represent President Museveni at the 1st Ever Do

    NRMO Canada Symposium: Minister Ruth Nankabirwa to Represent President Museveni at the 1st Ever Do

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Tech
    • All
    • Apps
    • Gadget
    • Mobile
    • Startup
    Digital Technologies Could Help Uganda’s Economy Recover Faster

    Digital Technologies Could Help Uganda’s Economy Recover Faster

    Liquid Telecom to host first cloud event of its kind in Uganda

    Liquid Telecom to host first cloud event of its kind in Uganda

    TECNO Mobile Uganda Skills Graduates Through Its Graduate Trainee Program

    TECNO mobile Uganda skills graduates through its graduate trainee program

    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

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
  • Entertainment
    • All
    • Gaming
    • Movie
    • Music
    Castoff: How Sevo Used Music to Boost His Bush-war but has for 42yrs Ignored the Loud Cries for the Copyright Law

    Castoff: How Sevo Used Music to Boost His Bush-war but has for 42yrs Ignored the Loud Cries for the Copyright Law

    Rev and Groove: Mbarara City Festival Rally Set to Fire Up the Community at Booma Golf Course Grounds this February

    Rev and Groove: Mbarara City Festival Rally Set to Fire Up the Community at Booma Golf Course Grounds this February

    Alone and Frustrated: Irate MC Kats Tag Anti HIV NGOs as Bogus and Useless with Empty Promises Towards His Cause

    Alone and Frustrated: Irate MC Kats Tag Anti HIV NGOs as Bogus and Useless with Empty Promises Towards His Cause

    Thursday With Joan Bonny: When the Stranger Becomes your Hero than the People you are Familiar with, Know Better

    Stay in your lane just: Chasing for the shiny goals won’t make you any happier because happiness resides from within you

    No Longer at Ease as Hope Mukasa is Arrested by Police Over Criminally Trespassing on X-Wife`s Property

    Catch22 Blues: Powerful Royal Handler, Longtime Friends, Fail to Save their Pal Hope Mukasa from Luzira Jaws

    Novice Promoter Biggy Events Must Leave to Jose Chameleon Brand Billing at ‘Gwanga Mujje’ or He Dents his Legacy

    Novice Promoter Biggy Events Must Leave to Jose Chameleon Brand Billing at ‘Gwanga Mujje’ or He Dents his Legacy

  • Lifestyle
    • All
    • Fashion
    • Food
    • Health
    • Travel
    Alone and Frustrated: Irate MC Kats Tag Anti HIV NGOs as Bogus and Useless with Empty Promises Towards His Cause

    Alone and Frustrated: Irate MC Kats Tag Anti HIV NGOs as Bogus and Useless with Empty Promises Towards His Cause

    Thursday With Joan Bonny: Make them all but best resolutions are ones you do for yourself, to make you feel better about you

    Thursday With Joan Bonny: Make them all but best resolutions are ones you do for yourself, to make you feel better about you

    Bebe Cool List 2022: Afrobeat-Reggae Guru Outs His Best of the Year, Takes Leave to Lecture Saha on Good Manners

    Bebe Cool List 2022: Afrobeat-Reggae Guru Outs His Best of the Year, Takes Leave to Lecture Saha on Good Manners

    Obwakamuswaga Release Official Report on Kijjanebarora Killer Floods, Calls for Help from Government and Elsewhere

    Obwakamuswaga Release Official Report on Kijjanebarora Killer Floods, Calls for Help from Government and Elsewhere

    Thursday With Joan Bonny: When the Stranger Becomes your Hero than the People you are Familiar with, Know Better

    The Lost Friends: You still feel rejected even after trying? It wasn’t to be. You were brave. You tried. But you have to let go now

    Thursday With Joan Bonny: When the Stranger Becomes your Hero than the People you are Familiar with, Know Better

    Know Just How We Impact On Others: I think back to days when a genuine ‘have a good day’ from the store clerk lifted me

    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

  • Crime news
  • Politics
  • Business
  • Interviews
  • CIP Records
No Result
View All Result
  • Home
  • News
    • All
    • Science
    • World
    Fake Blackmail: Let Ham Deliver Nakivubo Stadia instead of Labeling Bond Okello, Audrine Nsubuga Unpatriotic

    Fake Blackmail: Let Ham Deliver Nakivubo Stadia instead of Labeling Bond Okello, Audrine Nsubuga Unpatriotic

    Heroine! Presidency Minister Milly Babalanda Saves Kyabazinga from Physical Assault at the Canada Busoga Symposium

    Heroine! Presidency Minister Milly Babalanda Saves Kyabazinga from Physical Assault at the Canada Busoga Symposium

    All Royal: HRH Kamuswaga Concludes His Official Trip to California with Lots of Investors` Attraction to Kooki Kingdom

    All Royal: HRH Kamuswaga Concludes His Official Trip to California with Lots of Investors` Attraction to Kooki Kingdom

    Of Daily Monitor’s 30th Well-Earned Birth Bazaar And the Tough Scribes That Have kept M7`s Sleep in Constant Check

    Of Daily Monitor’s 30th Well-Earned Birth Bazaar And the Tough Scribes That Have kept M7`s Sleep in Constant Check

    Stephen Kissa the Pace-setter

    Stephen Kissa: Unveiling the Country’s Pace-maker who set Ace Cheptegei`s World Athletics` Gold and Bronze Medals

    NRMO Canada Symposium: Minister Ruth Nankabirwa to Represent President Museveni at the 1st Ever Do

    NRMO Canada Symposium: Minister Ruth Nankabirwa to Represent President Museveni at the 1st Ever Do

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Tech
    • All
    • Apps
    • Gadget
    • Mobile
    • Startup
    Digital Technologies Could Help Uganda’s Economy Recover Faster

    Digital Technologies Could Help Uganda’s Economy Recover Faster

    Liquid Telecom to host first cloud event of its kind in Uganda

    Liquid Telecom to host first cloud event of its kind in Uganda

    TECNO Mobile Uganda Skills Graduates Through Its Graduate Trainee Program

    TECNO mobile Uganda skills graduates through its graduate trainee program

    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

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
  • Entertainment
    • All
    • Gaming
    • Movie
    • Music
    Castoff: How Sevo Used Music to Boost His Bush-war but has for 42yrs Ignored the Loud Cries for the Copyright Law

    Castoff: How Sevo Used Music to Boost His Bush-war but has for 42yrs Ignored the Loud Cries for the Copyright Law

    Rev and Groove: Mbarara City Festival Rally Set to Fire Up the Community at Booma Golf Course Grounds this February

    Rev and Groove: Mbarara City Festival Rally Set to Fire Up the Community at Booma Golf Course Grounds this February

    Alone and Frustrated: Irate MC Kats Tag Anti HIV NGOs as Bogus and Useless with Empty Promises Towards His Cause

    Alone and Frustrated: Irate MC Kats Tag Anti HIV NGOs as Bogus and Useless with Empty Promises Towards His Cause

    Thursday With Joan Bonny: When the Stranger Becomes your Hero than the People you are Familiar with, Know Better

    Stay in your lane just: Chasing for the shiny goals won’t make you any happier because happiness resides from within you

    No Longer at Ease as Hope Mukasa is Arrested by Police Over Criminally Trespassing on X-Wife`s Property

    Catch22 Blues: Powerful Royal Handler, Longtime Friends, Fail to Save their Pal Hope Mukasa from Luzira Jaws

    Novice Promoter Biggy Events Must Leave to Jose Chameleon Brand Billing at ‘Gwanga Mujje’ or He Dents his Legacy

    Novice Promoter Biggy Events Must Leave to Jose Chameleon Brand Billing at ‘Gwanga Mujje’ or He Dents his Legacy

  • Lifestyle
    • All
    • Fashion
    • Food
    • Health
    • Travel
    Alone and Frustrated: Irate MC Kats Tag Anti HIV NGOs as Bogus and Useless with Empty Promises Towards His Cause

    Alone and Frustrated: Irate MC Kats Tag Anti HIV NGOs as Bogus and Useless with Empty Promises Towards His Cause

    Thursday With Joan Bonny: Make them all but best resolutions are ones you do for yourself, to make you feel better about you

    Thursday With Joan Bonny: Make them all but best resolutions are ones you do for yourself, to make you feel better about you

    Bebe Cool List 2022: Afrobeat-Reggae Guru Outs His Best of the Year, Takes Leave to Lecture Saha on Good Manners

    Bebe Cool List 2022: Afrobeat-Reggae Guru Outs His Best of the Year, Takes Leave to Lecture Saha on Good Manners

    Obwakamuswaga Release Official Report on Kijjanebarora Killer Floods, Calls for Help from Government and Elsewhere

    Obwakamuswaga Release Official Report on Kijjanebarora Killer Floods, Calls for Help from Government and Elsewhere

    Thursday With Joan Bonny: When the Stranger Becomes your Hero than the People you are Familiar with, Know Better

    The Lost Friends: You still feel rejected even after trying? It wasn’t to be. You were brave. You tried. But you have to let go now

    Thursday With Joan Bonny: When the Stranger Becomes your Hero than the People you are Familiar with, Know Better

    Know Just How We Impact On Others: I think back to days when a genuine ‘have a good day’ from the store clerk lifted me

    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

  • Crime news
  • Politics
  • Business
  • Interviews
  • CIP Records
No Result
View All Result
The Investigator News
No Result
View All Result

Guilty as Judged! Details how Dr. Sudhir acknowledged swindling taxpayers’ 400B, commits to pay but turns around

And today is the continuation of our story where, we reported how Dr. Sudhir and or his next generation can never be licensed again, to run a Bank or a formal financial institution.

September 1, 2021
inCrime, crime New, Crime news, Featured
Guilty as Judged! Details how Dr. Sudhir acknowledged swindling taxpayers’ 400B, commits to pay but turns around

Tight BOU Boss Mutebile (R) Sudhir (L) and signed a 'Confidential' agreement (Courtesy Photo)

6.8k
SHARES
6.8M
VIEWS
WhatsappShare on FacebookShare on Twitter

KAMPALA, Uganda: That Dr. Sudhir Ruparelia and or his agents are relentlessly trying to hack into this website in a bid to deny the public knowledge of the losses he’s visited on Ugandans, is by now a public secret. We suspect this development to be masterminded by Sudhir because he’s the only person who went public about the same. But that’s a story by its own and for another day.

However, we continue to unveil the filth hitherto carefully kept underneath the carpet. And today is the continuation of our story where, we reported how Dr. Sudhir and or his next generation can never be licensed again, to run a Bank or a formal financial institution. This is wrapped in an agreement he penned with the Central Bank and whose details, we delve into in this article. Read on…

Titled ‘Confidential Settlement and Release Agreement,’ this 14-page covenant was signed on 20th March 2017 between Sudhir Ruparelia and Bank of Uganda, the latter signing on behalf of Ugandans, to whom the moneys involved belong. How? This money was given to Sudhir’s Crane Bank as a capitalization fund in order to save depositors’ dimes in, not only CBL but other financial institutions.

This emerged after the forensic report whose details we partly reported in these pages. It arose that Sudhir had scooped dimes in billions from Crane Bank and used the same to construct buildings that housed Crane Bank the country over. An ordinary mind would therefore wonder why BOU would be bothered if Sudhir actually lifted these staggering amounts from his own bank! Well, I will write this article in a style I would explain the same to my grandmother deep down in Kooki.

Why Capitalization?

For beginners, Banks the world over lend money to each other and, Crane Bank was not exceptional. In simple terms, if say Crane Bank had borrowed UGX150Bn from Bank X and it later merges that it (Crane Bank) is bankrupt, failure by BOU to capitalize it would mean Bank X would lose the money, and yet the same belongs to its depositors. And hence, BOU had to quickly capitalize CBL to avoid a universal risk to other financial institutions it owed.

So, had Bank of Uganda failed to capitalize CBL with the UGX400Bn injection in time, thousands of depositors across the financial institutions’ fraternity would lose their money. It should be noted that BOU got the same from the National Treasury and reason we call it taxpayers’ money. When you buy, a bottle of soda, a beer, a bar of soap, a kilogram of sugar and or to employees, pay as you earn, you’re contributing to the national treasury.

And the above is the money which BOU scooped out of the government coffers and injected it into Crane Bank in a bid to pad the UGX400Bn hole which the good Honorary Doctor created via proven fraudulent means. This is the very money the Central Bank sought and still seeks to recover. But even with the agreement under review in place, this recovery is yet to materialize as Sudhir backtracked on his commitment, claiming that BOU failed to protect the agreement from leaking to public!

Whereas BOU had indeed, earlier handled Sudhir with gloved hands and in total privacy, investigations revealed that actually, he took the stance for granted and had abused their generosity. To their utter shock, the mortgages he offered in place of UGX400Bn acquisition were basically buildings in swamps and or those whose ownership were heavily encumbered! And with all this, he still wanted his gross misconduct handled in utmost secrecy!

The Agreement

Nevertheless, to avoid the embarrassment that would have happened if he did not kowtow in BOU poo hoo, Sudhir went into the agreement under review. And as usual, he did it after he was duped that it would be confidential and hence the title; “Confidential Settlement and Release Agreement” under which he committed self to refund at least USD60M.

“In consideration of BOU and CBL agreeing to settle and release claims as specified in this confidential settlement and release agreement, SR (read Sudhir Ruparelia) agrees to pay and or procure the payment to BOU of the aggregate amount to USD60, 000, 000 and to transfer to CBL (In receivership) or its nominee, the Freehold and Mailo titles set out in Annexure ‘A’…” reads the agreement in part.

Because Sudhir had constructed the said buildings under Meera Company, the revelation that the money he used was siphoned from CBL demanded that they be transferred to the same for ease of recovery. Via the agreement, Sudhir, also known as SR in this agreement, committed to pay in instalments…

“The settlement consideration in clause 3.1 (a) above shall be paid by SR as follows: USD8000000 which will be paid within a period of no more than 30 days from the date of execution, USD10000000 which will be paid within a period of no more than 90 days from the date of execution. The said total sum of USD18M shall be paid into BOU’s USD account no. 317.144034.1 in the names of Crane Bank Limited Funding (The Nominated Account),” further reads the covenant.

The two parties went on to agree that the balance of USD42M was to be paid by way of transfer to BOU, as receiver of CBL real property with an agreeable fair market value of the same amount. They further agreed that the fair market value of the real property shall be reached by joint valuation of the parties where, both BOU and Sudhir would each appoint one valuer of firm of valuers to the joint valuation team… Watch this space…

Author Profile

Stanley Ndawula
Stanley Ndawula
Stanley Ndawula is a two and a half decades’ seasoned investigative journalist with a knack for serious crimes investigations and reporting. He’s the Founding Editorial Director and CEO at The Investigator Publications (U) Limited
Latest entries

Author Archives

  • Business2023.02.01I Got UGX290M from Letshego, Paid UGX292M, But They Sold My UGX2Bn Worth Property Demanding for UGX600M Instead!
  • CIP Records2023.01.29Restored Glory: CIP Records Reinstated After Four Years in Limbo as Investigator Crosses Over into Another Decade
  • Uncategorized2023.01.24Last Part of Minister`s Letter: Hon. Amongi Levels More Criminal Charges against MD Byarugaba, Vows against New Term
  • Business2023.01.20NSSF Minister`s Letter: Talk Emerge of MD Richard Byaruhanga Pocketing UGX26Bn off the Pension Towers Contract Value
Tags: Kampala newsSudhir Ruparelia
SendShare1759494Tweet1099684
  • Manukau with her child

    Business Woman and Royalist Nabukalu Hamidah Still Missing

    17087 shares
    Share 37064 Tweet 23165
  • Maria’s Dirty Linen: Unbearable agony as X-minister Maria Kiwanuka uses husband’s vegetative state to swindle family property

    17700 shares
    Share 7080 Tweet 4425
  • The Mohan Family Tales: Tycoon Mohan Kiwanuka finally speaks out about his family empire turbulence, writes to Son

    16355 shares
    Share 6542 Tweet 4089
  • In Kaka’s Horror Grip: Exclusive details why President Museveni invited Ronald Mayinja to perform for him at Kololo

    10606 shares
    Share 4242 Tweet 2652
  • Kabaka Laughs off his ‘Death’: Family tells Investigator the Son of Muteesa is in good health and relaxing in Kenya

    10131 shares
    Share 4052 Tweet 2533
  • Terms of Use
  • Privacy & Policy
  • Contact

© 2022 The Investigator News - More Than Just News Without Fear or Favour.

No Result
View All Result

© 2022 The Investigator News - More Than Just News Without Fear or Favour.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In