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.
Spread the love
Uganda’s tycoon andvice 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.
He made the appeal during a presentation by shareholders of the bank before the Committee on Commissions, Statutory Authorities and State Entreprises (COSASE)
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.
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.
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.
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.
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.