Business

CRANE BANK SAGA: Sudir wins another round as BoU drops controversial lawyers

Sudir with BoU Governor Tumusiime Mutebile

Efforts to have Bank of Uganda back off the famous case in which city businessman Sudir Ruparelia is accused swindling billions of money from crane bank have taken another step.

This follows the central bank’s blow of dancing to the tycoon’s tune that influenced court to order for the withdraw of BoU lawyers.

Sudhir through his layers of Kampala Associated Advocates revealed to court that the central bank’s lawyers Timothy Masembe Kanyerezi of MMAKS Advocates and David Mpanga from FK Mpanga and Company Advocates had a conflict of interest in the Crane Bank case.

He added that on several occasions, companies in which he was a shareholder gave instructions to MMAKs Advocates and sought legal assistance from them for a long while almost amounting to 10 years something that would be unfair if they got involved in the multi million case.

Sudir now wants court to also order these very lawyers to appear in court as his witnesses since they know enough information about his business and transactions.

Due to such heavy weighing demands, the central bank has accepted to swallow the bitter pill of having the controversial lawyers dropped.

Bank of Uganda has instead hired Sebalu Lule & Co. Advocates to take on the case a move that was implemented yesterday when they appeared in court to represent the central bank.

Sebalu & Lule is one of the leading Ugandan business law firm. Founded in 1980. It mainly ventures in banking and finance, capital markets, projects and infrastructure, power (energy, oil and gas and mining), corporate and commercial law, mergers, acquisitions and private equity, employment and employee benefits, tax, real estate and conveyancing, non-profit organizations and commercial and civil dispute resolution among others.

However it should be noted that Sudhir faults Bank of Uganda for flouting key terms of a Confidential Settlement and Release Agreement (CSRA) he signed with the central bank.

Meanwhile, Principle Judge Yorakamu Bamwine has taken over as mediator in this high-profile case between businessman Sudhir Ruparelia and Bank of Uganda (BOU).

Justice Bamwine’s appointment comes after the parties in the case rejected the earlier appointed mediator Harriet Magala. The two parties have said they have confidence in the principle judge.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Most Popular

To Top