Stanhope Forex Bureau’s Kampala Road and Nakivubo Road branches were closed Friday
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.