Sudhir demands for return of banks’ bad loan book

Doctor Sudhir Ruperelia,former owner of Crane Bank that was sold to DFCU is seen appearing before Cosase probe 6th Feb,20019.Photo by Ronald Kabuubi/Kmaupdates.

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KAMPALA, Uganda

Uganda’s tycoon and vice chairman of the defunct Crane Bank, Sudhir Ruparelia has demanded for the return of the banks bad loan book which he values at UGX570 billion.

Doctor Sudhir Ruperelia,former owner of Crane Bank that was sold to DFCU is seen appearing before Cosase probe 6th Feb,20019.Left is his lawyer Kabatsi.Photo by Ronald Kabuubi/Kmaupdates.

He made the appeal during a presentation by shareholders of the bank before the Com­mit­tee on Com­mis­sions, Statu­tory Au­thor­i­ties and State En­tre­prises (COSASE)

Doctor Sudhir Ruperelia,former owner of Crane Bank that was sold to DFCU is seen appearing before Cosase probe 6th Feb,20019.Left is his lawyer Kabatsi. Right is the former Board Chairman of the Bank Biribona also a former Commissioner of Electoral Commission of Uganda.Photo by Ronald Kabuubi/Kmaupdates.

Speaking to COSASE , the former board chairman of Crane Bank Joseph Biribonwa told the committee that the central bank engaged in all manner of activities to ensure that the bank failed and was sold.

Doctor Sudhir Ruperelia,former owner of Crane Bank that was sold to DFCU is seen appearing before Cosase probe 6th Feb,20019.Left is his lawyer Kabatsi. Right is the former Board Chairman of the Bank Biribona also a former Commissioner of Electoral Commission of Uganda.Photo by Ronald Kabuubi/Kmaupdates.

He noted that the bank’s shareholders had raised capital amounting to 8m dollars which funds were detained by BOU and not allowed in the bank.

Doctor Sudhir Ruperelia,former owner of Crane Bank that was sold to DFCU is seen appearing before Cosase probe 6th Feb,20019. Right is the former Board Chairman of the Bank Biribona also a former Commissioner of Electoral Commission of Uganda.Photo by Ronald Kabuubi/Kmaupdates.

Further, Biribonwa disclosed that on 19th October 2016 Crane bank had agreed to terms of a loan from the central bank amounting to 79.2bn shs but the BOU moved to take over the bank that very night at 11pm.

Chairman of Cosase Probe Abdu Katuntu (R) and his Vice Anita Among listen to Doctor Sudhir Ruperelia ,former owner of Crane Bank (not in the picture) as he testifies before their probe probe 6th Feb,20019.Photo by Ronald Kabuubi/Kmaupdates.

The VP Sudhir Ruparelia told the committe that the shareholder of the bank demand the return of the bad loan book that was handed to Dfcu.

Doctor Sudhir Ruperelia,former owner of Crane Bank that was sold to DFCU is seen appearing before Cosase probe 6th Feb,20019.Photo by Ronald Kabuubi/Kmaupdates.

He demands for the return of 23.5 dollars raised by the shareholders and held by the BOU.

Crane Bank was closed in October 2016 and sold to DFCU three months later.

Doctor Sudhir Ruperelia,former owner of Crane Bank that was sold to DFCU is seen appearing before Cosase probe 6th Feb,2019.Left is his lawyer Kabatsi. Right is the former Board Chairman of the Bank Biribona also a former Commissioner of Electoral Commission of Uganda.Photo by Ronald Kabuubi/Kmaupdates.