Embattled tycoon Sudhir Ruparelia has filed his defense on fraud related cases brought against him by the Bank of Uganda (BoU). This follows BoU’s decision to sue Sudhir, the founder and shareholder of the defunct Crane Bank and his investments firm Meera Investments Ltd on June 30 to recover about
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Equity Bank has started closing some of its automated teller machines (ATMs) as the lender shifts customers to alternative channels such as agency and mobile banking in a fresh cost-cutting strategy, Business Daily Africa reports. Kenya’s biggest bank by customer numbers told the Business Daily it has so far closed
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Parliament’s move to probe Bank of Uganda (BoU) over the controversial collapse of Crane Bank has been temporarily stopped pending Court’s ruling. However, MPs have been urged to keenly follow court proceedings. BoU sued Sudhir Ruparelia and his other company; Meera Investments for causing financial loss to Crane Bank, eventually
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The controversial collapse of Crane Bank, the 4th largest bank by assets then is tearing apart Bank of Uganda (BoU), the regulator of Uganda’s banking sector, Business Focus reports. According to credible sources, all isn’t well at BoU, with a lot of blame game that has resulted into power struggle.
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Barclays has set aside an extra £700m to meet compensation claims for mis-selling payment protection insurance, BBC reports. The news came as the bank said costs related to the sale of part of its Africa unit had pushed it into a £1.2bn (Shs5.6bn) loss in the first half of the
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Uganda's Parliament wants to investigate the operations and competencies of Bank of Uganda (BoU) in regulating the banking sector, Business Focus reveals. Nathan Nandala Mafabi, the Budadiri County West MP on Thursday afternoon moved a motion on the floor of Parliament calling for investigations into the operations of BoU and
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The Directorate of Public Prosecution (DPP) has dismissed media reports that they are considering placing criminal charges against Sudhir Ruparelia due to his role in the collapse of Crane Bank Ltd, a bank he founded in 1995. “There are no preferred charges because what we have received is a criminal
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The Bank of Uganda (BoU), the regulator of Uganda’s banking sector is increasingly being put under scrutiny. With the ongoing legal battle between BoU and real estate mogul and founder of the defunct Crane Bank, Sudhir Ruparelia, Amos Nzeyi, one of the shareholders and former chairperson of National Bank of
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The controversial collapse of Crane Bank, Uganda’s then 4th largest bank in terms of assets has been in the news since the last quarter of 2016. On October 20, 2016, the Bank of Uganda (BoU) announced that it had taken over the management of Crane Bank Ltd after the bank
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Finance Trust Bank (FTB) has trained over 1,000 women in financial literacy. Speaking to Business Focus on the sidelines of the financial literacy program held at UMA main Hall on Thursday, FTB Managing Director, Annet Nakawunde Mulindwa, said over 1,000 women of all ages were trained and encouraged to open
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