By Allen Kansiime
Businessman Dr Sudhir Ruparelia’s long-running legal battle over Crane Bank has entered a critical phase in London, with the former shareholders seeking about £200 million, equivalent to roughly Shs1 trillion, in damages over the bank’s takeover and subsequent transfer of its business to dfcu Bank.
For Sudhir, the dispute extends beyond financial compensation, raising questions about justice, corporate accountability and the protection of indigenous investors.
The case before the English High Court stems from the Bank of Uganda’s intervention in Crane Bank in October 2016. The proceedings are scheduled for a 12-week trial beginning in October 2026, with the parties presenting sharply contrasting accounts of the bank’s condition and the events that led to its collapse.
Sudhir and the other claimants contend that Crane Bank was financially strong and profitable before the intervention, alleging that unlawful actions led to its takeover and the transfer of its business.
The defendants dispute that account. Dfcu’s pleaded case maintains that Crane Bank had been mismanaged, was significantly undercapitalised and faced liquidity challenges that justified regulatory intervention. Dfcu also relies on forensic work by PricewaterhouseCoopers concerning the bank’s financial position and alleged irregularities.
The court must examine Crane Bank’s financial health in 2015 and 2016, the value of its assets and liabilities, its capital and liquidity position, allegations of mismanagement and the circumstances surrounding the January 2017 transaction.
“This fight is bigger than money. It is about principle, truth, and protecting the reputation we built over decades,” Sudhir said in comments reported on the dispute.
He has argued that the treatment of Crane Bank has implications for confidence among Ugandan and East African investors, particularly indigenous entrepreneurs who build businesses over many years.
The dispute began on October 20, 2016, when the Bank of Uganda placed Crane Bank under statutory management, saying it was significantly undercapitalised and posed risks to financial stability. The bank entered receivership on January 24, 2017, and the following day most of its assets and liabilities were transferred to dfcu.
The transaction triggered years of litigation in Uganda before the dispute moved to the United Kingdom. In March 2026, the English High Court ordered further disclosure by dfcu of documents relevant to Crane Bank’s financial position, loan book and the transaction.
Earlier Ugandan proceedings included a 2019 Commercial Court dismissal of a suit against Sudhir and Meera Investments over alleged financial losses. The court found that Crane Bank, while in receivership, lacked the capacity to bring the case. Subsequent proceedings reached the Supreme Court, but those matters are distinct from the claims now before the English court.
The London trial will allow the claimants to pursue their allegations and the defendants to defend their actions. Neither side’s competing account should be treated as a final finding before judgment.
At the heart of the case is a question with implications beyond the parties: was Crane Bank a distressed institution requiring intervention, or was a viable indigenous bank improperly dismantled?
The English High Court will have to determine that question on the evidence presented, alongside the claimants’ entitlement to any damages.
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