The Bank of Uganda has lost the 5 year long battle against Crane Bank Uganda in the supreme court on Friday. The Central Bank lost the case in the high court and court of appeal respectively.

Following an audit report that presented Crane Bank as with insufficient capital levels, shrinking liquidity ratios, surging loan default levels and gross mismanagement, Former Crane Bank was therefore placed under statutory management by BOU in Sept. 2016.

After the sudden withdrawal of the case against Crane bank in December 2021, the supreme court has ruled in favor of Sudhir Ruparelia, one of the shareholders and closed the matter on Friday morning.

The ruling will leave a huge mark on the power that the Bank Of Uganda will have on collapsing banks or this may end the reign of regulatory impunity by B.O.U against the same.

COURTESY PHOTO.