The Supreme Court has ruled that the management of Crane bank be returned to the shareholders. Court has also ordered Bank of Uganda to foot the costs. This ends a five year court case between Bank of Uganda and the owner of Crane Bank Sudhir Ruparelia and Meera Investments.
Five justices reasoned with the Court of Appeal that management of Crane Bank be returned to the shareholders including Sudhir Ruparelia and Meera Investments Limited since receivership had ended in 2018.
We equally considered this aspect in our ruling and found that indeed, receivership of the appellant (Crane Bank in receivership) had ended on January, 20, 2018. The implication of that finding in our view is that the management of the appellant be reverted to shareholders after the January, 20, 2018,” the court directed.