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BoU’s purported liquidation of Crane Bank illegal- financial lawyers speak out

Muhereza Kyamutetera

A court battle mounted by Dr. Sudhir Ruparelia (right), against what he says and parliament has found out to be an illegal takeover of his bank, has exposed a lot of rot in Mutebile's Bank of Uganda.

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Attempts by Bank of Uganda to liquidate Crane Bank are illegal and could cost taxpayers more money, should it go ahead, several lawyers that CEO East Africa magazine has spoken to have said. Yesterday, the Central Bank put an announcement on its social media channels, purporting to place Crane Bank under liquidation. “Bank of Uganda (BoU) took over management of Crane Bank Ltd (CBL) on Oct

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