Crane Bank saga: Trial starts in London court

The hearing at the Royal Courts of Justice is expected to run for about 16 weeks and is expected to examine allegations that Crane Bank’s assets were transferred through an unlawful and corrupt process at a gross undervalue. The defendants, including dfcu Bank, dfcu Ltd, current and former directors, and entities linked to the transaction, deny the allegations. At the centre of the case is the collapse and subsequent resolution of Crane Bank, once Uganda’s largest indigenous bank and the country’s fourth-largest lender.

Lawyer Joseph Matsiko (left) and Peter Kabatsi (second-left) interact with Ruparelia after winning a case against Bank of Uganda at the Supreme Court in Kampala on October 4, 2021. (Credit: Michael Odeng)