Court Orders BOU to Release Sudhir’s Forex Security Deposits Worth Shs 277M


Central Bank Governor, Tumusiime Mutebile (L) and owner of defunct Crane Bank, Sudhir Ruparelia (R).
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Bank of Uganda (BOU) through the Deputy Governor, Louis Kasekende has agreed to release over Shs 277m security deposits for the defunct forex bureaus belonging to business mogul, Sudhir Ruparelia that it had withheld after the closure of Crane Bank.

The order is contained in a consent judgement issued by the High Court Civil Division as partial ruling in the High Court Civil suit No.864 of 2017 signed by Crane Bank Director, Sudhir Rupareria and BOU’s Louis Kasekende.

BOU agreed that they had illegally held on the money from the four forex bureaus it closed with Crane Bank.

The forex bureaus include; Crane Forex Bureau (Speke Hotel) Limited, Stanhope Forex Bureau De Change Limited, Red Fox Bureau De Change Limited and Crane Forex Bureau (Kampala Road) Limited.

Sudhir challenged the decision that was taken by the Central Bank which case has partially been determined by the Commercial Court.

In the consent judgement, Bank of Uganda agreed to release to the plaintiffs within a period of 21 days from the date of sealing by Court of the Partial Consent Judgement, the security deposits held by it.

This included the sum of Shs 90,193,020 in respect of Crane Forex Bureau (Speke Hotel) Limited, Shs 92,715,159 in respect of the Stanhope Forex Bureau De Change Limited and Shs 90,909,274 in respect of Red Fox Bureau De Change Limited.

Court as well ordered for release of renewal fee being Shs 3,000,000 each in respect of the above companies and Shs 1,000,000 in respect of Crane Forex Bureau (Kampala Road) Limited as the sum due to the plaintiffs.

The Commercial Court as well ruled that the question as to the plantiffs’ claim for General and Exemplary Damages, interest and costs of the suit be set down for trial.

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