Sudhir Ruparelia at the supreme court The Supreme Court has reserved its ruling on notice in a case where businessman Sudhir Ruparelia seeks to recover costs from Bank of Uganda.
The ruling which will also be the climax of a 5 year dispute between Sudhir Ruparella, his company Meera investment Ltd , his former Bank ; Crane Bank Ltd and Bank of Uganda arose in September this year when Bank of Uganda lost interest in prosecuting an appeal against Sudhir and Meera.
The Central Bank through its lawyers of Byamugisha and company advocates then lodged a notice of withdrawal in the Supreme court seeking to abandon the appeal for which Crane Bank( in Receivership) should pay costs .
However Shudir insists Bank of Uganda should pay their costs because Crane Bank exists no more having had its assets sold to DFCU bank in 2016.
‘’All along from the commercial court in January 2017, it has been Bank of Uganda suing on behalf of Crane bank therefore bank of Uganda cannot walk away minus paying the costs’ sudhir added. Sudhir’s Lawyer at supreme Sudhir’s lawyers of Kampala associated advocates led by Peter Kabtsi also insist that B.O.U must pay the costs. They maintain that there is no way Bank of Uganda can now throw away the burden of costs to a non-existent entity (crane bank in receivership).
Bank of Uganda had accused Sudhir and Meera Investments of illegal transfer of over 397 billion shillings from his former Crane Bank, a case that was dismissed by the Commercial court and the Court of Appeal by unanimously agreeing that they find no misconduct against Sudhir.
The 5 justices of the of Supreme court led By Justice Opio Aweri have today listened to both parties and resolved to write their ruling which they would deliver at a later date.