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Business

Two more of troubled Kampala mogul's forex bureaus closed

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Staff of Stanhope Forex Bureau Kampala branch outside the business premise on April 21, 2017, after its was closed. PHOTO| MORGAN MBABAZI  

By MORGAN MBABAZI

Posted  Friday, April 21   2017 at  19:04

In Summary

  • The closure of Stanhope marks the tail end of the business mogul’s footprint in the financial services sector following the take over and eventual sale of Crane Bank and the closure of four other forex bureaus last week. 

Bank of Uganda has shut down another forex bureau belonging to troubled businessman Sudhir Ruparrelia. 

Police supervised the Friday afternoon closure of Stanhope Forex Bureau’s Kampala Road and Nakivubo Road branches. 

The closure of Stanhope, a business Mr Ruparrelia acquired in the mid-2000s, marks the tail end of the business mogul’s footprint in the financial services sector following the take over and eventual sale of Crane Bank, his flagship business, and the closure of four other forex bureaus last week. 

Crane Bank was taken over by the Central Bank last year before it sold it to DFCU Bank.

The four bureaus closed last week are Crane Forex Bureau Ltd, Crane Forex Bureau Ltd, Karibu Forex Bureau and Redfox Forex Bureau De Change Ltd.

In a statement dated April 20, 2017, Bank of Uganda deputy governor Dr Louis Kasekende said that Stanhope's licence had

expired. The application for renewal was rejected.