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The Commercial Court in Kampala, has Monday morning, dismissed a court case that had been filed against city tycoon, Sudhir Ruparelia by Crane Bank in receivership.
David Wangutusi, the head of the commercial court in his ruling said Crane Bank was non-existent given it was in receivership at the case was filed.
Court ordered BOU to pay costs.
Whereas court is to determine the amount, it could go slightly above Shs500 given the amoung of money (Shs397b) that was involved.
Last month, Joseph Matsiko, one of Sudhir’s lawyers, argued that on October 20, 2016, BoU took over the management of Crane Bank pursuant to Sections 87 (3) and 88 (1) a & (b) of the Financial Institutions Act and that on January 20, 2018, BoU placed it under receivership.
“The suit was filed on the 30th day of June 2017 when Crane Bank Ltd was in receivership. The issue, therefore, is whether a suit can be filed by a financial institution in receivership,” Matsiko said.
