The Bank of Uganda (BoU) says dfcu bank is well capitalized and operating normally.
“Bank of Uganda (BoU) urges the public to disregard the fake reports circulating on social media platforms about dfcu bank. We assure the public that dfcu Bank is sound, liquid and well capitalized,” BoU says in a statement posted on its official Facebook page.
adds: “The public should also note that the conduct of monetary policy is the
sole responsibility of Bank of Uganda and not a commercial bank as falsely
In this regard, the BoU has been effective in the execution of this role, with annual core inflation being maintained well within the medium term policy target of 5%.
BoU re-affirms that dfcu Bank is operating normally and therefore urges the public to ignore the said misrepresentation of facts.”
The development comes at a time when dfcu has reversed its decision to acquire 48 disputed properties sold by Bank of Uganda following the controversial takeover and sale of Crane Bank.
The properties in question were held under a Ruparelia Group subsidiary – Meera Investments Limited (MIL) owned by property mogul Sudhir Ruparelia.
“Upon receipt of vacant possession of the MIL Properties, BOU will pay to the Bank the net book value of the MIL Properties included in Note 2.3.11 of the PwC Assets and Inventory compilation (as at 20’n October 2016. under “Land and Buildings”) subject to: (i) depreciation in relation to the period from 20 October 2016 to the date of delivery of vacant possession as specified herein: and (ii) the ground rent that the Bonk would have paid for the MIL Properties from the Completion Date (25 January 2017) up to the rescission date,” the letter reads in part.
It should be noted that had BoU filed HCCS No. 493 of 2017 against Sudhir Ruparelia and MIL seeking among other things the return of the reversion, but the case was dismissed.
This informed dfcu’s decision to return the properties to BoU.