Five Justices of the Supreme Court have today unanimously delivered the last stroke that has broken the back of Bank of Uganda’s 5-year failed attempt to sue billionaire businessman, Dr Sudhir Ruparelia and his Meera Investments Limited (MIL) over the closed Crane Bank.
Well, the Bank of Uganda had already consented that it had a bad case ― they on 15th September 2021 notified the Supreme Court of their intention to withdraw the multi-billion dispute, so today’s ruling was really about who should pay the costs, a bid the central bank again lost, adding to a pile-load of other losses on the same matter.
In today’s landmark ruling, Justices of the Supreme Court, Rubby Opio-Aweri, Faith Mwondha, Prof. Tibatemwa-Ekirikubinza, Ezekiel Muhanguzi And Percy Night Tuhaise, in unison, ruled that Bank of Uganda could not just walk away from Civil Appeal No. 7 of 2020 and pass on the costs to Crane Bank (In Receivership).
They ordered that the Central Bank should directly pay the costs of its recklessness to the billionaire businessman at all court levels as earlier decided by both the Court of Appeal and Commercial Court.
