One would think that earlier attempts to cripple the businesses of City property magnet, Dr Sudhir Ruparelia have had a significant impact on his investments in town.
The illegal closure and sale of Crane bank Limited was one of the key highlights of such of several attempts.
The report by Parliament’s Committee on Commissions, Statutory Authorities and State Enterprises (cosase), that investigated the closure and sale of defunct banks including crane bank Limited (Cbl) found that Bank of Uganda officials hurriedly closed and sold off cbl to dfcu in total contravention of the established laws such as; The Financial Institutions Act (2004) and the Bank of Uganda Act.
Cosase recommended that Sudhir and other defunct bank shareholders who were “disadvantaged” by the malicious acts of BoU be compensated.
Cosase noted that BoU illegally ‘sold’ UGX570bn worth of bad loans belonging to Crane Bank (CBL) shareholders to dfcu and ordered that BoU should make good the loss occasioned to CBL at a “commercially fair extent of the value of the bad book.
With all the crane bank muddle aside,Sudhir is at it again.
Kingdom Kampala mall, which will be one of the marvels in the Kampala sky is located between three main roads; Nile Avenue, Yusuf Lule Road and Dewinton Road to the northeast of Central Business District of Kampala.
Dr Sudhir took over this mall from Saudi Prince Ali Waheed who was supposed to build a hotel to host guests during the Common Wealth Heads of Government Meeting (CHOGM) in 2007 but the hotel was never built.
Prince Ali Waheed, together with Abland Africa an International firm from south Africa, were supposed to build a CHOGM hotel-Kingdom Hotel in 2007 but failed, and sold their interests to Sudhir’s Crane Management Services (CMS) that since took over the construction of the same.
Inside the twelve floored multibillion and multipurpose complex will be a 200 bedroom 4 Star Hotel, 40,000 square meter office space and a 16,000 square meter rentable space for leisure related kind of businesses.
The first phase of this mall is nearly 95% completed and is set for launching soon.
Inside Dr Sudhir Ruparelia’s ever growing empire
Kingdom Kampala mall is another addition to the ever growing empire with a combination of real estate, luxury, insurance, floriculture, Forex services among others.
These include; Speke Apartments with luxurious apartments, a hotel with a mix of modern contemporary surroundings and a relaxing, laid-back environment.
There are also plans to construct a 5-star Speke Resort and Convention Centre, in Entebbe.
The empire also comprises of; Speke,Munyonyo Common Wealth resort, Kabira Country Club, Speke Hotel, Dolphin Suites, Tourist Hotel, Forest Cottages and Falls. There is no doubt that Ruparelia group dominates Uganda’s hotel chain.
Ruparelia group also owns Sanyu FM and Gold Star Insurance, one of the leading insurance firms in Uganda.
Added to these, are educational institutions such as Victoria University, Kampala parents among others.
Dr Ruparelia’s resilience and commitment only serve to confirm that a strong man can only be shaken and can’t fall.