City Tycoon Sues DFCU Over Rent, Bank to Lose 46 Branches Across Country to Business Mogul

City Tycoon Sues DFCU Over Rent, Bank to Lose 46 Branches Across Country to Business Mogul

By Benson Tumusiime

City business tycoon Dr.Sudhir Ruparelia, under his Meera Investments has sued DFCU bank for illegally occupying 46 branches across the country that formerly belonged to Crane Bank Limited.

In October 2016, Bank of Uganda appointed a statutory manager for Crane bank and later placed it under receivership before selling it to DFCU Bank.

Meera Investments contend that it was wrong for the Commissioner land registration to transfer ownership of the 46 branches to DFCU and wants court to reverse the decision.

“A declaration that the parting with possession and transfer of the leasehold interests in the suit properties from Crane bank limited into the names of the first defendant (DFCU) was tainted with illegality and fraud and therefore is invalid,”Sudhir said.

He says that between 2012 and 2016 Crane bank and Meera investments executed several lease agreements for the said properties but were subsequently registered in the names of DFCU Bank following the receivership of Crane Bank in October 2016.

Sudhir contends that DFCU connived with the commissioner land registration to have the leases transferred into the bank’s names without seeking and obtaining the mandatory written consent from Meera Investments.

He also wants court to declare the continued use of the properties by DFCU bank as illegal and considered as being trespass on his property.

The businessman wants court to compel the registrar to cancel the leasehold titles in respect to the said properties now occupied by DFCU.

The said branches are located in;  Kasese,Nkumba,Entebbe,Kireka,Kawempe,Busia,Rukungiri,Masaka,Nabbingo,Gulu,Jinja,Mukono ,Ntinda,Mengo,Iganga,Hoima, Malaba,and Kamwenge.
Others braches are; Nateete,Mulago,Masindi,Mulago,Bushenyi,Nakulabye,Kabarole,Mbarara,Kawempe,Soroti,Kable,Ibanda and Rushere. DFCU has been given 15 days to respond in writing or the case shall be heard ex parte.

The case has been allocated to Justice Billy Kainamura for hearing if the two parties fail to resolve the dispute themselves.

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