A decade after Uganda’s central bank shut down Crane Bank, billionaire Sudhir Ruparelia’s fight over the collapsed lender is heading into a crucial 12-week trial in London, with more than £170 million at stake.
The long-running dispute has travelled through Britain’s highest courts and now moves into its substantive trial, putting allegations of conspiracy and dishonest assistance at the centre of one of Uganda’s biggest banking disputes.
Crane Bank was taken over by the Bank of Uganda in 2016 before its business was transferred to dfcu Bank, a move that triggered years of legal battles involving Ruparelia and the investors linked to the acquisition.
At the heart of the latest proceedings is a claim exceeding £170 million, equivalent to about UGX884 billion, against Norwegian and Dutch-linked buyers involved in the transaction.
The case is expected to examine the events surrounding Crane Bank’s takeover, the subsequent transfer of its business and the actions of the parties involved in the deal.
For Ruparelia, the trial represents another major chapter in a dispute that has remained unresolved for nearly a decade.
The case has attracted attention beyond Uganda because of the scale of the claim and the international parties involved, with proceedings now taking place in London.
As the 12-week trial begins, the court will be asked to consider the evidence behind the allegations and determine the liabilities arising from the disputed transaction.
What began with the collapse and takeover of one of Uganda’s major banks has now evolved into a multimillion-pound legal battle with the final outcome potentially bringing the decade-long Crane Bank saga into a new phase.
