Dfcu Bank Vacates Sudhir’s Meera Investments Properties

Dfcu Bank is set to move a total of 20 branches across the country from premises owned by Meera Investments Limited a company owned by a daughter to City Tycoon, Sudhir Ruparelia.

In a notice to the customers at Kampala Road Branch, the management of Dfcu revealed that they would be closing down the branch for two days so as to shift to its new premises at Plot 40 Kampala Road effective Monday 3rd, February 2020.

“The branch will therefore remain closed for two days on Friday 31st January and Saturday 1st February 2020 to enable us to relocate to the new premises. During this period, you can access our services at Market Street and Kyadondo branches in addition to our digital channel,” Dfcu management noted.

SoftPower News have learnt that the bank is as well shifting the Mbarara branch to another building and some branches will be closed down as the bank cuts costs of hiring premises.

The move by Dfcu follows a court case which was ruled on August 26, 2019 on Miscellaneous Application No.320 of 2019 in favour of Sudhir Ruparelia and Meera Investments Limited dismissing Suit No.493 of 2017 where Crane Bank (receivership) had sued Sudhir Ruparelia and Meera Investments Limited to recover Shs397bn allegedly swindled.

Dfcu Bank took over some assets and liabilities of Crane Bank Limited after taking over the bank from Bank of Uganda in January 2017.

The bank was allowed to operate in the different Crane Bank Branches on freehold whose ownership belonged to Meera Investments.

Meera Investments later contended the takeover of their which were housing Crane Bank properties by Dfcu without their knowledge despite having leased them off to Crane Bank between 2012 and 2016.

Court has since ruled and returned the properties to Meera Investments and as such Dfcu was obliged to either buy off the properties or rent them off.

Dfcu later informed BOU that they would not buy off the properties and that they would rather shift to new premises.

Stay in the Know!

Sign up for the latest news and information on African Companies and Economy.

By signing up, you agree to receive MoneyInAfrica offers, promotions and other commercial messages. You may unsubscribe at any time.

Leave a Reply

*