The Bank of Uganda (BoU) has spoken out on the ongoing media reports about the controversial Crane Bank collapse .
Crane Bank was last year on October taken over by BoU after it became ‘significantly undercapitalized.’ Crane Bank was controversially sold to dfcu Bank early this year.
As the Receiver of Crane Bank Ltd (Crane Bank) and regulator of the banking sector, BoU says it sanctioned the loop filing of a suit against Sudhir Ruparelia and Meera Investments Ltd to recoup funds that were fraudulently extracted from, as well as losses that were caused to Crane Bank.
In a statement released on Thursday, BoU says that the suit seeks to recover a total of US$398m, and Shs60.3bn, together with Freehold titles to Crane Bank’s branches, general damages, interest and costs.
Below is a statement from BoU about Crane Bank and Sudhir.