The Supreme Court on Friday (February 11) dismissed, with costs, an appeal by Bank of Uganda against city tycoon Sudhir Ruparelia and Meera Investments.
On top of ordering the central bank to directly pay costs at all court levels, Uganda’s top court also ordered that Crane Bank is reverted to its owners.
Friday’s verdict effectively settles a long-standing legal battle between Sudhir and the bank regulator, dating back to 2017.
It also means real estate mogul Sudhir will not pay the sh397b that Bank of Uganda had wanted him to pay.
“Bank of Uganda stole my bank,” Sudhir, who attended the court session in Kampala, said after the decision was announced.
“They have to pay costs of suit right from the Commercial Bank to the Supreme Court.”