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Written by  Aug 03, 2017

On 20th March, 2017, Sudhir Ruparelia, the former proprietor of Crane Bank and Bank of Uganda (BOU) entered into an agreement which was called Confidential Settlement and Release Agreement (CSRA).

This agreement, a copy of which Eyewitness possesses has now been filed in the commercial court as annexure “A” to the tycoon’s written statement of defense will be the nexus in cracking the Sudhir – BOU debacle.

In clause 2.1 of CSRA, the parties agree to be bound by the agreement upon signature by both parties.

The real gist is however under clause 6 &7 and reproduce parts of them verbatim:

“This Confidential Settlement and Agreement is in full, complete, and final settlement of all claims that either party (or the related parties or shareholders) may have against the other, and each of Bank of Uganda and Crane Bank hereby fully and finally releases and forever discharges…”

Clause 7 of the CSRA provides:

“Each party agree, on behalf of itself and on behalf of the Related Parties not to sue, commence, voluntarily aid in any way, procure, instigate, prosecute or cause to be commenced or prosecuted against any other party…in Uganda or in any other jurisdiction.”

One wonders then why BOU has turned around and sued going as far as threatening criminal prosecution.

It’s upon this document that Kampala Associated Advocates (KAA) have invoked in their defense the much treasured doctrine of estoppel, which is essentially that BOU cannot sue, a top lawyer has told us.



Last modified on Thursday, 03 August 2017 17:22
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