Finance minister Matia Kasaija says he had advised Crane Bank proprietor Sudhir Ruparelia to sell some of his property to recapitalise the bank but the latter refused.
Socialite Judith Heard has launched her organisation dubbed “Day One Global” aimed at offering a safe space to rape and sexual assault victims to share their stories.
Finance minister Matia Kasaija has revealed that the former owner of defunct Crane bank, Sudhir Ruparelia confided in him that he was fed-up with the financial institution, prior to its takeover by the central bank in 2016.
Biribonwa on Wednesday appeared with the former Crane Bank owner Sudhir Ruparelia before Parliament’s Committee on Commissions, Statutory Authorities and State Enterprises (COSASE) that is inquiring into the closure and sale of seven commercial banks between 1993 and 2016.
Kampala, Uganda | THE INDEPENDENT | Businessman Sudhir Ruparelia says he was forced to acquire National Bank of Commerce (NBC), days after it was closed by the Bank of Uganda.
Mr Sudhir Ruparelia, the former owner of the closed Crane Bank, has said the bank’s former shareholders want their Shs584b which he says Bank of Uganda (BoU) is holding illegally since the closure and takeover of the commercial bank.
He told the MPs that Crane Bank paid Shs1.2b to buy deposits, treasury bills and non-performing loans from NBC.
Kampala, Uganda | THE INDEPENDENT | The agreement for the sale of Crane bank to DFCU was shoddy and fraudulent, Former Crane Bank owner, Sudhir Ruparelia has told the ongoing Bank of Uganda probe.
A legal battle has ensued between veteran lawyer Dr Peter Musoke Gukiina and property mogul Sudhir Ruparelia over the ownership of a piece of land adjacent to Ssese Gateway Beach in Entebbe where the businessman wants to construct a multi-billion hotel.
The Ruperalia Group chairman, Mr Sudhir Ruparelia, will in July start the construction of the $100m (Shs366b) establishment that will have hotel rooms, conference and conversion centres at Katinda, on Kampala-Entebbe Road, about 30km from the capital.