Battle lines drawn in Crane Bank, real estate magnate Ruparelia prosecution
Bank of Uganda took over Crane Bank operations in September last year. Central Bank has wound-up, sold or simply closed at least eight banks over the past 20 years. PHOTO FILE | NATION
Real estate magnate Sudhir Ruparelia has put the Bank of Uganda under scrutiny in his defence to charges that he illegally obtained $105 million from the collapsed Crane Bank. In the defence filed last week at the High Court, Mr Ruparelia wants BoU Governor Tumusiime Mutebile and other top officials to appear as witnesses in the case.
Mr Ruparelia’s decision to file a defence, setting the ground for trial, while ignoring BoU’s overtures to settle the case out of court, will most likely open a Pandora’s box for the Central Bank.
