City tycoon Sudhir Ruparelia is poised to triumph in the main case against Bank of Uganda lawyers whom he accuses of conflict of interest, now that the central Bank has dropped the very lawyers (MMAKS advocates and AF Mpanga advocates) and contracted Sebalu, Lule and Co. Advocates in any mediations with Mr Ruparelia.
Reliable sources indicate that Justice Bamwine the new mediator of talks between the parties advised BoU to drop the said lawyers since Mr Ruparelia had threatened to shun any talks should MMAKS and AF Mpanga law firms continue representing the Central Bank, since they represent Bank of Uganda in the case of Crane Bank takeover yet they were his lawyers before.
It should be remembered that Bank of Uganda took over Crane Bank in October last year and later sold it to DFCU Bank, sighting financial drainage of the bank crowned as the best performing in the country for three consecutive years, a move Mr Sudhir regards as being politically motivated since he wasn’t given time to recapitalise his bank.
Although BoU, dropped MMAKS advocates and AF Mpanga advocates from mediations, they remain in the main case in the commercial court which will on December 21st determine whether Bank of Uganda lawyers prosecuting the case against Mr Ruparelia over closure of his Crane Bank are guilty of conflict of interest in the matter.
Meanwhile, Rajiv Ruparelia, the managing Director of the Ruparelia group of companies said that Uganda’s economy is growing fast and believes the Ruparelia group of companies will expand more in the coming years.
“We hope to focus on the retail sector, shopping malls, office spaces, apartments and hotels. In terms of education, we shall expand our horizons and open more institutions to the level of Kampala parents in different parts of Uganda”, Said Mr Ruparelia while speaking to our reporter.
Businessman Sudhir Ruparelia, remits more than 18billion shillings annually to Uganda Revenue Authority through taxation, and more than 425million shillings to National Social Security Fund per annum.
The closure of Crane Bank didn’t only threaten the investment environment in the country but also, caused massive unemployment since most Ugandans would access credit at low interest from a bank that had been nicknamed as ‘a poor man’s bank’.
We now wait and see the fate of the court’s ruling on Thursday 21st December, 2017, in the petition filed by Dr Sudhir Ruparelia seeking expulsion of MMAKS advocates and AF Mpanga advocates from representing Crane Bank and Bank of Uganda against Sudhir Ruparelia and MEERA investments, in a litigation which is believed to be the biggest in Uganda’s history since time immemorial.
Kagenyi Lukka is a current affairs analyst and an aspiring mp Ikiiki county 2021.