Court stops Crane Bank from selling client’s city property

A Crane Bank branch. FILE PHOTO

What you need to know:

Reason. The bank wants to sell the properties to recover loan money.

Kampala. Court has stopped Crane Bank from selling property worth billions that was mortgaged by its client as security.
The property under controversy registered in the names of Miao Hua Xian is on Plot 47 Nabugabo Road worth Shs2b and Plot 53 Mackenzie Vale, Kololo worth Shs3.9b, both in Kampala District.
High Court Judge Christopher Madrama of the Commercial Division also directed the bank’s client, Ms Xian to deposit Shs4b to the bank by January 14 next year.

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