The ugly consequences of the open perfidious economic war against Uganda’s richest man, Sudhir Ruparelia, continue to manifest as days follow nights!
This war has, on a positive note, resulted into the forced early retirement of the former Director supervision, Justine Bagyenda who I am convinced played a significant role in this perfidious episode.
A seemingly well planned war by elites that saw the apocalypse of Crane Bank Limited (CBL) and wants to extend to other tributaries of the burgeoning Sudhir Empire.
Different media outlets, both electronic and print, though not extensively, reported two days ago that Crane Management Services (CMS) through M/S Magna Advocates, sued DFCU bank over failure to pay rent arrears for properties that the latter occupied.
Of importance to note is that, Crane Management Services is owned by business mogul, Sudhir Rupareila and is the letting agent of the properties that DFCU bank occupied.
The said properties are Crane bank branch and Crane Bank ATM both found on Plot 9, Market Street, Crane Bank Branch, Plot 1-13, Jinja Road, Crane Bank branch (Plot 47, Republic Road, Mbale), Crane Bank ATM (Speke Hotel(1996) limited, Crane Bank ATM (Kampala Road), Apartment at Bombo road, Kiira Road, William Street, Market Street and Nkrumah Road.
Others are: Crane bank limited unit number 31 and 33 (Plot 28, Luwum Street),Crane Bank staff 8 apartments (Plot 1,Sinay Bin Amir street ), Crane Bank limited flats (Plot 22/24/26 ), Crane Bank limited staff flats (plot 22/24, 26, Crane Bank limited(plot 22/24/26) and Crane Bank staff flats (plot 22/24/26 all found on Kampala road.
Following the scandalous takeover of CBL (in receivership) in January 2017,DFCU bank being the successor to the title of CBL, acquired assets and assumed liabilities of CBL among which included paying rental charges for the mentioned properties as per the tenancy agreement.
BOU as a receiver, indeed, ran notices through newspapers on 25th Jan 2017 that that it had transferred the assets and liabilities of CBL to DFCU bank.
Further still, DFCU bank, in acknowledgement of the above ran public notices that it had assumed liabilities and acquired assets of the formerly glorious CBL.
In further acceptance of the obligations DFCU occupied premises of the said properties effective 27th Jan 2017 and went ahead to remove all advertising boards related to CBL.
As a lay man, I’m convinced that acting as above explained, DFCU was not only legally but contractually obliged as well to honour the tenancy agreement.
However, our sources reveal that all the aforementioned properties were vacated by 30th April 2017 with gross outstanding rental arrears contrary to the tenancy agreement.
For instance, according to the tenancy agreement, dated 1 October 2013, CMS let out premises at plot 1-13 Jinja road for a fixed duration of five years, at the rent of US dollars 9,800.34 per month 7% with annual increment compounded, payable one year in advance.
The last payment covered the period up to 30/9/2016 yet premises were vacated on 30th April 2017,rental arrears plus interest amounted to a sum total of us dollars 242,812.32
Without belabouring on all the cases, all rent arrears and interest from the properties amounted to us dollars 385,728.54 and Uganda shillings 2,998,558,624.
We cannot run away from/ignore obligations whether individual, family, community and let alone business!
To deviously evade obligations doesn’t in itself, provide an end, but rather creates room for accumulation on the side of the obliger while rendering the obligee to suffer losses and damages among other repulsive consequences.
By seeking court redress,we are always fortified that justice is not only done, but seen to be done as well!
Kagenyi Lukka is a current affairs analyst and an aspiring MP Ikiiki county constituency in Budaka