Dfcu Bank has agreed to vacate all the branches owned by Meera Investments Limited, which is part of the Ruparelia Group of Companies.
The bank has called opened bids for companies that want to provide consultancy services at it seeks to relocate to new areas in various districts and towns across Uganda.
The bank has been operating its business in buildings/properties belonging to Meera Investments Limited since it acquired Crane Bank Limited in 2017.
Meera has previously asked court to declare that the continued presence of dfcu Bank on its properties amounts to trespass and that they should be ordered to vacate with immediate effect.
The rift emerged after Bank of Uganda on October 20, 2016 closed Crane Bank Ltd.
Between 2012 and 2016, Meera leased the 46 properties to Crane Bank on different terms with the leases being duly registered as encumbrances on Meera’s freehold and mailo interest.
The lease titles were subsequently processed and issued to Crane Bank.
Crane Bank agreed to pay US$6,000 as ground rent for each of the properties effective on or before the January 1, of every year to the property owners (Meera Investments).
The lease agreements, court documents show, provided that Meera had the option to review the ground rent after the expiry of three years.
Meera had also agreed with Crane Bank under various lease agreements that in case of any breach, non-performance, or non-observance of what they had agreed on in the lease agreements, it will be lawful for Meera to seek legal redress from court.
