Kerry Howard Mwesigwa.
Crane Bank and its shareholders are taking on DFCU Bank Ltd in the UK Appeal Court, seeking jurisdiction over the disputed sale of Crane Bank’s assets and liabilities to DFCU. The case stems from Bank of Uganda’s intervention in 2017, triggering a heated dispute between the two financial entities.
The UK Appeal Court heard Crane Bank’s appeal after the UK High Court ruled in favor of DFCU, asserting that it lacks jurisdiction over the matter. Crane Bank had initiated the lawsuit against DFCU, questioning the legitimacy of the sale orchestrated by Bank of Uganda.
While upholding the UK High Court’s previous rulings that Bank of Uganda’s actions were beyond the jurisdiction of UK courts, the Appeal Court refereds some crucial aspects of the case back to the High Court. The court seeks clarification on whether the sale was purely commercial or had implications on public policy.
DFCU has the right to appeal to the Supreme Court and will decide their course of action after consultation. Crane Bank’s founder, Sudhir Ruparelia, eagerly awaits a full trial to expose what he alleges as “conspiracy, fraud, and corruption” in the asset sale. Despite the legal drama, DFCU assures its stability and commitment to serving its clients, with full capitalization as per Bank of Uganda’s requirements.
