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CRANE BANK CASE TAKES NEW TWIST AS SUDHIR FILES DEFENSE

Written by  Aug 03, 2017

Property mogul Sudhir Ruparelia has formerly filed a written statement of defense today August 3, at the commercial court.

He contends that Bank of Uganda (BOU) is not entitled to any of the reliefs it seeks and should walk away with none.
The two (2) volume document of 64 pages that Eyewitness24 has seen isn’t per se a defense but a counterclaim as well.
It includes a CONFIDENTIAL agreement marked “A” called “Confidential Settlement and Release Document (CSRD)” BOU signed with Sudhir stopping BOU from bringing such suits. This violation entitles him to compensation.
Sudhir who was sued jointly with Meera Investments Limited was dragged to court by BOU accusing him of siphoning more than $80m from Crane Bank, now under receivership and failure to remit workers’ savings to NSSF in excess of UGX50b.
This ends weeks of speculation of “will he”, or “will he not” as one of his lawyers we talked to at the High Court told us that the businessman is determined to see this case to its logical conclusion.
Of the original suit filed by BOU, he denies each and every allegation that was made except his name and address of service.
He is not and was not aware of the siphoning of billions from his former bank or the under remittance of NSSF dues as BOU claims.
The tycoon further states that the suit is an abuse of court process and should be dismissed with costs.

Eyewitness 24

Unmasking the hidden truth

Website: eyewitness24.com
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