Supreme Court of Uganda, the highest temple of justice in the land, has dismissed an appeal filed by Bank of Uganda (BoU) against city tycoon Sudhir Ruparelia and Meera Investments.
The judgement was read by Supreme Court Registrar Mary Babirye.
The decision was made by a bench of five Justices of the Supreme Court: Opio Aweri, Faith Mwondha, Lillian Tibatemwa, Ezekiel Muhanguzi and Percy Night Tuhaise.
Key among the orders in a ruling delivered today is that Crane Bank be returned to its owners.
The five-bench panel ruled that the receivership of Crane Bank Limited ended on January 20, 2018.
They went on to rule that from 2018, the management and control of Crane Bank should have reverted to its shareholders.
The central bank was also directed to pay court costs incurred by Sudhir at all court levels, beginning with the Commercial Division of the High Court.
The wealthy tycoon will also not pay Shs397bn that BoU had wanted court to compel him to pay.
After the ruling was delivered, Sudhir said: “Bank of Uganda stole my bank. They have to pay costs of suit right from the Commercial Court to the Supreme Court.”
With this ruling, a five-year dispute has now come to an end.
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