The Commercial Court in Kampala has set August 26 as the date on which it will rule over a dispute involving tycoon, Sudhir Ruparelia and Bank of Uganda.
The dispute is about whether the court should hear a suit filed by Crane Bank in receivership against Sudhir and his company Meera Investments on its merits, or dismiss it before giving the final judgement.
This is one of the many legal battles the businessman is involved in with Bank of Uganda, since then central bank sold his Crane Bank to DFCU Bank under receivership.
Crane Bank in receivership later sued Sudhir in June 2017 for carrying out fraudulent transactions amounting to Shs397b.
Sudhir, through his lawyers Kampala Associated Advocates countersued BoU, saying that Crane Bank in receivership did not have powers to file a law suit against the businessman, and that it did not have “audience” before the court, so he asked the court to dismiss the suit with compensation of over $8m (Shs28b).
In defence, Dr Joseph Byaruhanga on behalf of Crane Bank in receivership argued in court that a bank in receivership doesn’t lose its power to commence or continue with lawsuits.
The case will be presided over by Justice David Wangutusi, the head of Commercial Court.