Just a day after commercial court dropped MMAKS advocates and AF Mpanga advocates from representing Bank of Uganda in the fraud case against Sudhir Ruparelia, the central Bank has challenged the ruling saying it has no bearing on the substantive merits of the claim by Crane Bank against tycoon Sudhir Ruperelia.
Court ruled that the said law firms had conflict of interest in the matter since they were Sudhir’s lawyers before turning to Bank of Uganda side and so, they couldn’t represent BoU against Sudhir.
In a statement released by Ms Christine Alupo, the Bank of Uganda communications director, a notice of appeal has been filed against the court ruling and that the Central Bank will continue with its pursuit of reclaiming the huge sums of money allegedly siphoned from Crane Bank by Sudhir Rupaleria.
“A notice of Appeal has been filed against the Court Ruling.
This Ruling has no bearing on the substantive merits of the claim by Crane Bank Ltd (in receivership) against Sudhir Ruparelia”, the statement read.
“Bank of Uganda will continue to pursue the recovery of the funds that were fraudulently siphoned from Crane Bank (U) Ltd (in receivership), as well as the costs of the resolution process”, continued the statement.
Crane Bank was taken over by the Central Bank last year and later sold to DFCU Bank.
However, Bank of Uganda sued Mr Sudhir the largest share holder in Crane Bank accusing him of fraudulently siphoning UGX470 billion shillings from Crane Bank prior to its take over.