Uganda’s central bank took over management of troubled businessman Sudhir Ruparrellia's, Crane Bank due to a financial crisis then sold it to DFCU Bank. Four of Mr Ruparrellia's bureaus in Kampala have been closed due to his links with Crane Bank, sources said. PHOTO | MORGAN MBABAZI |
Bank of Uganda has closed four forex bureaus belonging to businessman Sudhir Ruparrellia.
In a notice published in the media, Central Bank Governor Emmanuel Tumusiime Mutebile said the licenses for Crane Forex Bureau Ltd located at Speke Hotel on Nile Avenue, Crane Forex Bureau Ltd on Plot 20 Kampala Road, Karibu Forex Bureau at Mukwano Arcade on Namirembe Road and Redfox Forex Bureau De Change Ltd on plot 54 Kampala Road, “are not permitted to transact any business prescribed under the Foreign Exchange Act 2004.”
