News reaching ultimate news indicate that city tycoon Sudhir Ruparelia has floored Bank of Uganda in an appeal the Bank filed against him last year after winning the same case in a commercial case where he was battling a case in relation the closure and sale of Crane bank by the central bank in 2017.

While dismissing the Shs397b case against the city tycoon, Justice Wangutusi held that Cranne bank was placed under receivership, it was insulated against legal proceedings according to Section 96 of the financial Institution’s Action therefore had no powers to sue Sudhir and ordered BoU to pay the city tycoon.

Upon loosing to Sudhir, BoU appealed the same to the court of appeal which has ruled in favor of the city tycoon ordering the central bank to pay costs still.

Details to follow……