Supreme Court puts brakes on Crane Bank liquidation

Sudhir Ruparelia (2nd right) with his lawyers Sharma Kooki (right), Peter Kabatsi (2nd left) and Joseph Masiko after the ruling at the Supreme Court in Kampala yesterday. PHOTO / ISAAC KASAMANI

What you need to know:

  • Appeal case. The main appeal involves Crane Bank in receivership, challenging the decisions of the Commercial Court and the Court of Appeal in which both courts ruled that Crane Bank in receivership did not have the powers to sue city businessman, Sudhir Ruparelia, and his Meera Investment Company, in which it was seeking to recover more than Shs397b that they allegedly misappropriated. 

The Supreme Court yesterday stopped Bank of Uganda (BoU) from further liquidating Crane Bank in receivership until the final determination of the main appeal.

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