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    Stealing A Glance at Balokole Polls: Pastor Kyazze Takes Early Lead as Bisiyaga Assumes the Center Stage at The Election of New Leadership Today

    Stealing A Glance at Balokole Polls: Pastor Kyazze Takes Early Lead as Bisiyaga Assumes the Center Stage at The Election of New Leadership Today

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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

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    Cry My Beloved Country: How Patriotic Brenda Nanyonjo is Staking Her All to Keep the Miss Uganda Brand Afloat as Government Shamelessly Gaze On

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    Is God Thus Far? Muslim Mother Leaves Behind Her Kids to go for Overnight Prayers but Forgets to Pray For them. Two Suffocate to Death

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    Stealing A Glance at Balokole Polls: Pastor Kyazze Takes Early Lead as Bisiyaga Assumes the Center Stage at The Election of New Leadership Today

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    Stealing A Glance at Balokole Polls: Pastor Kyazze Takes Early Lead as Bisiyaga Assumes the Center Stage at The Election of New Leadership Today

    Stealing A Glance at Balokole Polls: Pastor Kyazze Takes Early Lead as Bisiyaga Assumes the Center Stage at The Election of New Leadership Today

    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

    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
    A Day in Life: UEFA’s Aleksandra Ceferino’s ‘Pass Time’ Visit to The Aliguma offered a Real-Life Time Opportunity to Repackage Uganda’s Football; But it didn’t!

    A Day in Life: UEFA’s Aleksandra Ceferino’s ‘Pass Time’ Visit to The Aliguma offered a Real-Life Time Opportunity to Repackage Uganda’s Football; But it didn’t!

    Cry My Beloved Country: How Patriotic Brenda Nanyonjo is Staking Her All to Keep the Miss Uganda Brand Afloat as Government Shamelessly Gaze On

    Cry My Beloved Country: How Patriotic Brenda Nanyonjo is Staking Her All to Keep the Miss Uganda Brand Afloat as Government Shamelessly Gaze On

    Have This Instead: Remorseful Sevo Gives Land as Compensation to Boxing Body for their Fallen Zebra ‘Mando’ Senyange, Murdered by Security

    Have This Instead: Remorseful Sevo Gives Land as Compensation to Boxing Body for their Fallen Zebra ‘Mando’ Senyange, Murdered by Security

    BAD NEWS: Veteran Singer Halima Namakula and her National Promoters Associations Set to Kill the Entertainment Industry with their new Permit Ultimatum

    BAD NEWS: Veteran Singer Halima Namakula and her National Promoters Associations Set to Kill the Entertainment Industry with their new Permit Ultimatum

    Boxing Big Envelope: Making Sense of the Enormous Envelope Received by Uganda Boxing Federation President Moses Muhangi

    Boxing Big Envelope: Making Sense of the Enormous Envelope Received by Uganda Boxing Federation President Moses Muhangi

    What a Wasted Investment in the 59-Day Lasted Vipers` Coach Roberto Luiz who Registered only 0 Wins against a Heavily Lavish Vipers Squad!

    What a Wasted Investment in the 59-Day Lasted Vipers` Coach Roberto Luiz who Registered only 0 Wins against a Heavily Lavish Vipers Squad!

  • Lifestyle
    • All
    • Fashion
    • Food
    • Health
    • Travel
    Is God Thus Far? Muslim Mother Leaves Behind Her Kids to go for Overnight Prayers but Forgets to Pray For them. Two Suffocate to Death

    Is God Thus Far? Muslim Mother Leaves Behind Her Kids to go for Overnight Prayers but Forgets to Pray For them. Two Suffocate to Death

    Stealing A Glance at Balokole Polls: Pastor Kyazze Takes Early Lead as Bisiyaga Assumes the Center Stage at The Election of New Leadership Today

    Stealing A Glance at Balokole Polls: Pastor Kyazze Takes Early Lead as Bisiyaga Assumes the Center Stage at The Election of New Leadership Today

    NWSC Milestone: Parombo Water Supply Operations Gets Power Upgrade that Migrates from Generators to Hydro Power 

    Uganda to Host the Next African Water Association Congress and Exhibition as NWSC MD DR. Eng. Silver Mugisha wins Second Presidential Term

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

    Thursday with Joan Atuhwera: The Pressure from Society for Young men and Women to get Married is Extremely Needless

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    Work in Progress: NWSC Starts Water Supply Extension to the East African Crude Oil Pipeline (EACOP) Sites in Sembabule

    World Pangolin Day: Let’s Do Something and Quickly or The Pangolin Could Go Extinct Before Most People Realize It Exists

    World Pangolin Day: Let’s Do Something and Quickly or The Pangolin Could Go Extinct Before Most People Realize It Exists

    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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Flashback: How Sudhir Staked His Properties in Resettlement of Taxpayers` UGX311Bn Loot but later Turned Around

He was set to introduce the bargains to the Commercial Court Head as he was then, Justice David Wangutusi

November 21, 2022
inBusiness, Crime news, Featured
I am Guilty But: Sudhir Ruparelia admits pocketing Billions of dimes meant for Gov`t at his Munyonyo Resort

Confessed: Sudhir Ruparelia to having robbed his own Bank and losing loss of public funds but turned around on technical excuses! (Courtesy Photo)

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After being caught having dug a massive UGX311Bn financial hole in his own Crane Bank, a panicky Sudhir Ruparelia begged not to be hanged by the Central Bank. During the talks between him and the Central Bank, Sudhir had initially proposed to make amends for the loot in a period of five years.

The Central Bank, however, flatly rejected what he was talking about and demanded him to instead sort the mess he had occassioned in one financial year calendar. The businessman would later on go on and offer to stake his resorts in Munyonnyo and Baumann House to be used as a guarantee to refund the loot. Sudhir’s confidants had counseled him to resolve the matter amicably to avoid a shameful and long-winded court trial.

He was set to introduce the bargains to the Commercial Court Head as he was then, Justice David Wangutusi,to ask him to send them to the full negotiations with the Central Bank. Yet, he was trying to buy time, it would seem, to find loopholes in the case the Central Bank had already filed through Crane Bank, to use to escape from prosecution.

Sudhir would later use the excuse of the Central Bank having used the techinically dead Crane Bank to file a case against him and without seeking his consent as a shareholder and, a director together with the consents of other fellow directors prior to the filing of the case itself.

Yet, the Central Bank had discovered Sudhir to have all along been taking them for a ride since he was the only shareholder of Crane Bank, with the others he had been fronting to be shareholers also being merely ghosts, a stance which in itself, was against the law. Apart from pleading that excuse, Sudhir was also accusing the Central Bank of leaking the `confidential` agreement he had signed with them previously, begging to resolve the matter amicably.

The other excuse Sudhir was using is that of his own lawyers who had crossed over to the Central Bank, to prosecute him and were now trying to use secrets he had shared with them in confidence, to pin him in court.The lawyers he was complaining about including Timothy Masembe Kanyerezi and David Fredrick Mpanga were actually ejected from the case by Justice Wangutusi.

That was a big blow dealt to the case since these ones are powerful lawyers who were going to be able to stand up to the quality of those of the firm of Kampala Associated Advocates Sudhir had retained to defend him. Even then, the whole case would end up collapsing prematurely after the Judge adjudged it to be irregular for, merely because it had been filed by Crane Bank which was no longer vested with powers to sue or to be sued and even, the court of appeal itself held so.

What that meant is that the confession Sudhir had made, plus a refund the billions of shillings he had taken out of Crane Bank, were now invalid! And also, even the funds which had been spent by the Central Bank to try to revive Crane Bank, but only to be diverted. Plus the ones the Central Bank had used to hire the private auditors to evaluate the extent of damage Sudhir had occassioned to his own bank.

These, without mentioning the ones the Central Bank had spent on filing the case. All these monies weregoing to end up going up in flames because of those simple technical issues which could not allow the case to proceed fully and adjudged on its own merit. And those were not going to be the only tragedies for the taxpayer to bear. The Central Bank was also going to use more billions of public money to give to Sudhir in legal costs!

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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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