BoU drops Sebalu & Lule in Sudhir case

The Bank of Uganda has instructed Dr Joseph Byamugisha to represent them in the fresh suit filed by city tycoon Sudhir Ruparelia, kicking out Sebalu and Lule who were recently declared by court to be conflicted in the matter.

In a notice dated May 17 to the High Court, the central bank  instructed Mr Byamugisha, through his Byamugisha & Co. Advocates, to represent them in a case filed by Sudhir, who is seeking orders to dismiss an earlier suit brought against him and his Meera Investments Ltd

Sebalu and Lule Advocates had been kicked out of a case involving Sudhir and his Crane Management Services in a ruling by Justice Paul Gadenya Wolimbwa.

The judge noted: “The Applicant has made out a case that the first respondent (Sebalu & Lule) has relevant information of the applicant. The information is relevant and I accordingly grant an injunction restraining the first respondent from handling any case involving the applicant”.

Sudhir this week confirmed that he is determined to take on the Bank of Uganda to recover his closed Crane Bank Ltd.

The central bank in October 2016 closed Crane Bank Ltd, previously one of the best performing banks before controversially selling it dfcu Bank in January 2017 for a paltry Shs 200 billion.

The central bank has since come under the spotlight after the closure Crane Bank Ltd backfired with both Parliament and the Auditor General faulting the BoU officials in the middle of the transaction.

The dfcu Bank which received some of the assets and liabilities of Crane Bank has since been allowed to operate in different branches whose ownership belonged to Meera Investments Ltd, one of the companies owned by Sudhir.