BoU ORDERED TO PAY LEGAL FEES IN CRANE BANK CASE
The Supreme Court has ordered Bank of Uganda (BoU) to foot all the legal costs involving the multibillion case that Crane Bank in receivership brought against city businessman Sudhir Ruparelia, bringing the five-year litigation to an end.In their decision on Friday, the Supreme Court justices held that it was BoU that was behind the Shs397b commercial litigation against the businessman and not Crane Bank in receivership, hence they should foot all the legal costs.
The unanimous judgment of the highest court in the land was also to the effect that Crane Bank reverts to the shareholders as of January 20, 2018“For avoidance of doubt, the Court of Appeal upheld the finding of the trial court, which ordered that the costs of the suit were to be borne by the Bank of Uganda, since it was Bank of Uganda behind the filing of the suit and other subsequent actions,” ruled the justices of the court.
It added: “That order (of Court of Appeal) shall stand. The implication of that finding, in our view, is that the management of the appellant (Crane Bank in receivership) reverted to the shareholders after January 20, 2018.”
The justices included; Rubby Opio-Aweri, Faith Mwondha, Prof Lillian Tibatemwa, Ezekiel Muhanguzi and Percy Night Tuhaise.