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    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

    UGDECIDES2021: Electoral Commission sets dates for nominating candidates of SIGs Representatives to Parliament

    Campaign Violence: The Commission advises Bobi to adhere to guidelines, prepares meeting Police bosses

    UGVotes2021: The Electoral Commission issues press statement on progress of the 2021 General Elections Roadmap

    UGVotes2021: The Electoral Commission issues press statement on progress of the 2021 General Elections Roadmap

    Electoral Commission kicks off verification of supporters for Presidential candidates’ nominations

    UGVotes2021: Electoral Commission carries on Parliamentary nominations set to end tomorrow.

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    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

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    • Nintendo Switch
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    Earliest Bird: Tanzania National Motor Cross makes Foreign Initial Headway to Uganda as Garuga Primes for FIM-Africa

    Earliest Bird: Tanzania National Motor Cross makes Foreign Initial Headway to Uganda as Garuga Primes for FIM-Africa

    Adventure Investigative: Unveiling Savani Resort, the Latest Addition to Hospitality at Deepest Lake Bunyonyi 

    Adventure Investigative: Unveiling Savani Resort, the Latest Addition to Hospitality at Deepest Lake Bunyonyi

    Juliana Escapades: It Took Me a Full Year of Constant Gloveless Bedminton Games to Eventually Get Expectant with Taj

    Juliana Escapades: It Took Me a Full Year of Constant Gloveless Bedminton Games to Eventually Get Expectant with Taj

    Karma Served Well as Comedy Store Bows to Public Outcry, Scrap Torturous Weasel Manizo off Musicians` List 

    Karma Served Well as Comedy Store Bows to Public Outcry, Scrap Torturous Weasel Manizo off Musicians` List

    All Not Lost: The Obscenely Dressed and Vulgar Winnie Nwagi Needs Counseling on Decency, Public Conduct 

    All Not Lost: The Obscenely Dressed and Vulgar Winnie Nwagi Needs Counseling on Decency, Public Conduct

    Jumping Forward: Sharon O Set to Unleash New Record Label, Artistes Management and Company Imaging in Uganda

    Jumping Forward: Sharon O Set to Unleash New Record Label, Artistes Management and Company Imaging in Uganda

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    Adventure Investigative: Unveiling Savani Resort, the Latest Addition to Hospitality at Deepest Lake Bunyonyi 

    Adventure Investigative: Unveiling Savani Resort, the Latest Addition to Hospitality at Deepest Lake Bunyonyi

    Dr. Stella Nyanzi Run Bonkers over Co-Sidee Annette Whitehead Pregnancy, Drags Kakwenza Rants to social media

    Dr. Stella Nyanzi Run Bonkers over Co-Sidee Annette Whitehead Pregnancy, Drags Kakwenza Rants to social media

    How City Fashionista Radically Hid Sevo`s Military General from US-Based Official Wife Visiting For Conjugal Rights 

    How City Fashionista Radically Hid Sevo`s Military General from US-Based Official Wife Visiting For Conjugal Rights

    Aloysius Bugingo: Ugandan Pastor move to Challenge God in Constitutional Court for Restricting Men to One Woman!

    Aloysius Bugingo: Ugandan Pastor move to Challenge God in Constitutional Court for Restricting Men to One Woman!

    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

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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

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    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

    UGDECIDES2021: Electoral Commission sets dates for nominating candidates of SIGs Representatives to Parliament

    Campaign Violence: The Commission advises Bobi to adhere to guidelines, prepares meeting Police bosses

    UGVotes2021: The Electoral Commission issues press statement on progress of the 2021 General Elections Roadmap

    UGVotes2021: The Electoral Commission issues press statement on progress of the 2021 General Elections Roadmap

    Electoral Commission kicks off verification of supporters for Presidential candidates’ nominations

    UGVotes2021: Electoral Commission carries on Parliamentary nominations set to end tomorrow.

    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
    Earliest Bird: Tanzania National Motor Cross makes Foreign Initial Headway to Uganda as Garuga Primes for FIM-Africa

    Earliest Bird: Tanzania National Motor Cross makes Foreign Initial Headway to Uganda as Garuga Primes for FIM-Africa

    Adventure Investigative: Unveiling Savani Resort, the Latest Addition to Hospitality at Deepest Lake Bunyonyi 

    Adventure Investigative: Unveiling Savani Resort, the Latest Addition to Hospitality at Deepest Lake Bunyonyi

    Juliana Escapades: It Took Me a Full Year of Constant Gloveless Bedminton Games to Eventually Get Expectant with Taj

    Juliana Escapades: It Took Me a Full Year of Constant Gloveless Bedminton Games to Eventually Get Expectant with Taj

    Karma Served Well as Comedy Store Bows to Public Outcry, Scrap Torturous Weasel Manizo off Musicians` List 

    Karma Served Well as Comedy Store Bows to Public Outcry, Scrap Torturous Weasel Manizo off Musicians` List

    All Not Lost: The Obscenely Dressed and Vulgar Winnie Nwagi Needs Counseling on Decency, Public Conduct 

    All Not Lost: The Obscenely Dressed and Vulgar Winnie Nwagi Needs Counseling on Decency, Public Conduct

    Jumping Forward: Sharon O Set to Unleash New Record Label, Artistes Management and Company Imaging in Uganda

    Jumping Forward: Sharon O Set to Unleash New Record Label, Artistes Management and Company Imaging in Uganda

  • Lifestyle
    • All
    • Fashion
    • Food
    • Health
    • Travel
    Adventure Investigative: Unveiling Savani Resort, the Latest Addition to Hospitality at Deepest Lake Bunyonyi 

    Adventure Investigative: Unveiling Savani Resort, the Latest Addition to Hospitality at Deepest Lake Bunyonyi

    Dr. Stella Nyanzi Run Bonkers over Co-Sidee Annette Whitehead Pregnancy, Drags Kakwenza Rants to social media

    Dr. Stella Nyanzi Run Bonkers over Co-Sidee Annette Whitehead Pregnancy, Drags Kakwenza Rants to social media

    How City Fashionista Radically Hid Sevo`s Military General from US-Based Official Wife Visiting For Conjugal Rights 

    How City Fashionista Radically Hid Sevo`s Military General from US-Based Official Wife Visiting For Conjugal Rights

    Aloysius Bugingo: Ugandan Pastor move to Challenge God in Constitutional Court for Restricting Men to One Woman!

    Aloysius Bugingo: Ugandan Pastor move to Challenge God in Constitutional Court for Restricting Men to One Woman!

    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

    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

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The Real Gist: Court merely Reaffirms Crane Bank’s Demise, tells BOU to Return the Body and Estate to Sudhir Ruparelia

July 1, 2022
inCrime news
The Real Gist: Court merely Reaffirms Crane Bank’s Demise, tells BOU to Return the Body and Estate to Sudhir Ruparelia 

`Mourners` at Dead Crane Bank `vigil` (Courtesy Photo)

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In ordinary situations, when even a notorious robber is finally shot dead, his body is returned to the family members for a decent burial. The same would apply to the estate of the robber. The estate would be handed to the properly and legally appointed executors or administrators of the deceased.

Those legal administrators or executors would issue out the estate to the beneficiaries as per the wishes of dead man or as per the laws of the country and also sort out for the creditors. In an interesting and bizarre legal fight, Bank of Uganda has been, in it’s capacity as  the regulator of financial institutions, fighting to hold onto the body and estate of Crane bank, seeking to recover billions in debts it owes to the Ugandan taxpayer.

Bank of Uganda was justified in holding Crane Bank’s estate looking to salvage the billions in  debts it owes to the taxpayer. Problem is that the regulator of financial institutions started off on the wrong footing itself. Whilst it was justified in holding Crane bank to account for the taxpayer’s funds, the Central Bank legally messed up the whole process leading to the recovery of the billions in the first place.

For the record, Crane bank  asked for public funds which was invested in it by the regulator, hoping that the defunct bank was going to survive and refund the cash. Yet the same billions of funds, unfortunately, ended up being scammed off by some crooked people who knew very well that Crane Bank had been properly ran down (excuse the pun), to survive closure.

Before Crane bank could pay back, Bank of Uganda closed it down. We mean, the regulator killed it off and yet proceeded to demand for the refund at the same time, from the dead entity. So, when Bank of Uganda proceeded to sue Ruparelia Sudhir, on behalf of the dead Crane bank, to recover the money which the businessman had asked for under the guise of financially rescuing the bank, it was a little too late.

Yes, the legally well fixed Sudhir Ruparelia had undertaken to refund the public funds in hundreds of Billions,received by Crane Bank. He did this in black and white, in point of fact. But then, the Central Bank iself bungled the repayment process, by the way they handled the management of Crane Bank.

This is why right from the time Justice David Wangutusi first heard and dismissed the case, the case had been as dead as Crane Bank itself. Granted, going by the latest judgement of the supreme Court, delivered by Justice Prof. Lillian Tibatemwa Ekiribunza, Bank of Uganda would be required to hand back Crane Bank to Sudhir.

But, Sudhir is going to receive back a dead thing with whatever assets that are still available to it. Sudhir, frankly speaking, cannot bring back Crane Bank to life except with the permission of his `nemesis` Bank of Uganda itself. Crane bank cannot run minus a license duly granted by Bank of Uganda.

Like son Patrick Bitature, Like father Sudhir Ruparelia

This is not to suggest that Sudhir isn’t going to walk off with billions in legal costs and also claim for assets of Crane Bank. Much as the businessman is on record admitting to running down the same bank and agreeing to sort out the mess, the same didn’t come to fruition because Bank of Uganda recklessly handled the whole recovery process. 

Just like the public is blaming Patrick Bitature for allegedly receiving and refusing to pay Vantage its money, citing legal inaccuracies committed by his creditors, Sudhir should socially be blamed for stealing and refusing to pay the taxpayer, hiding behind legal inaccuracies committed by BOU on behalf of Ugandan taxpayers. Actually, Sudhir is like the father to Bitature who, the latter emulated.   

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Stephen Kasozi Muwambi
Stephen Kasozi Muwambi
Mr. Stephen Kasozi Muwambi is a seasoned crime investigative writer, majoring in judicial-based stories. His two decades’ experience as a senior investigative journalist has made him one of the best to reckon on in Uganda. He can also be reached via [email protected]
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