Thursday , March 28 2024
Home / Business / The secrets behind the Sudhir saga

The secrets behind the Sudhir saga

Governor Tumusiime Mutebile cuts a tape during the opening ceremony of Crane Bank Jinja Branch in 2013. INDEPENDENT PhOTO/JIMMY SIYA

When contacted to comment on some of the concerns that have been raised about BoU, its Director Communications, Christine Alupo told The Independent in an email response that they are constrained in discussing matters pertaining to the court case and related details. 

“Until it is disposed of,” Alupo wrote, “We will address the enquiries about the process in due course.”

What is not clear, according to critics, is why the attorney general’s chambers cannot defend the government and instead some of the most expensive private lawyers are hired. According to BoU, it has so far paid Shs398 million to Uganda Revenue Authority as case filing fees. It is not clear how much the private lawyers are charging but BoU said it is ready to settle any fees in accordance with the law. Clearly, the fees will run into billions of shillings in a case that could drag on for months if not years.

Away from the secrets, publicly BoU has said all it wants is for Sudhir to return to Crane Bank about US$ 94 million (Approx. Shs340 billion) that he allegedly fraudulently took from Crane Bank and another Shs52 billion in NSSF benefits for expatriate staff that he allegedly failed to remit to the pensions body.

BoU also wants Sudhir’s company Meera Investments Ltd to hand over the titles of the 48 properties previously occupied by Crane Bank across the country. The properties currently are occupied by DFCU and the presumption is that DFCU has to pay rent to Sudhir’s Meera.

These cases are before court and The Independent cannot, therefore, discuss whether they have any substance or not. What is clear is that BoU and the government feels so strongly about getting the 48 branches from Sudhir that they only proceeded to court after Sudhir refused to surrender them.

In the process of suing Sudhir, BoU was forced to expose an earlier secret deal they had entered with Sudhir which, among other things, stated that if he gave BoU US$60 million and delivered the 48 titles of the branches, BOU would ensure that he is not sued by any claimant either in a civil or criminal court. Under the agreement, BoU undertook to secure Sudhir from any prosecution and compensate him for any harm or loss caused by prosecution.

Breach of contract

Sudhir has paid US$8 million to cover one case in which he allegedly lent himself money from Crane Bank which is not allowed under banking law. After paying this amount, according to the agreement, BoU was supposed to return some properties to him but didn’t.

In a letter dated May 29 which The Independent has seen, Mutebile informed the government, through the Attorney General William Byaruhanga that he had instructed lawyers to start criminal charges against Sudhir because he had refused to comply.  When he was approached by this reporter, Sudhir declined to comment.

But his associates intimated that the charges are orchestrated by self-interested individuals. They argue that Attorney General Byaruhanga, who is also a big player in Uganda’s real estate sector, has fought with Sudhir over some properties and could be pursuing a vendetta through a lawyer, Timothy Kanyerezi Masembe of the top firm MMAKS Advocates. They point out that Masembe is a longtime Sudhir lawyer who has switched sides. They say under ethical legal practice, Masembe should not be allowed to prosecute his former client.

The Independent contacted Masembe but had not got a response by press time. The other lawyer, David Mpanga of AF Mpanga who is also representing BoU had also not responded by press time.

To prove their case, Sudhir’s side argues, in a letter dated May 18, that under the secret agreement BoU was supposed to return to him two titles of properties it had taken as soon as he paid the US$8 million.  This position is contained in an April 04 letter to Sudhir by BoU’s lawyers, David Mpanga of AF Mpanga Advocates titled “Implementation of the confidential settlement and release agreement”.

In the letter Mpanga states that the purpose of the letter was to “set out the implementation timetable of the Agreement so as to make clear what each party is required to do”.

Mpanga wrote” “It is understood and agreed that the “exchange of value for value” stipulated in clause 4.1 of the agreement shall be given effect by BoU, upon receiving $8m from you, immediately releasing the securities and duly executed releases of encumbrances of  securities”.

Since Sudhir paid the US$8m as demanded, he accuses BoU of breaching the agreement and said he was suspending implementing further the agreement, including not handing over the bank branches.

But Mutebile, without disputing that he was breaching the agreement, told the Attorney General that the “Bank of Uganda will not yield to Mr. Ruparelia’s demands because those demands have no basis under the terms of the agreement”.

Perhaps aware of the back and forth jostling, even after the case was filed, President Yoweri Museveni on July 06 called a meeting between Sudhir and Mutebile and other BoU officials and their lawyers. Museveni wanted the case resolved out of court.

26 comments

  1. Bwikizo Francis

    This is exactly how the rich exploit the poor in Uganda! Millions were always crying over vanishing deposits from their crane bank accounts yet they’re the exact reason for Sudhir’s potbelly! The police, the government & now the central bank are preying on the same people they’re supposed to protect.

    • That man should be arrested as soon as yesterday and be held responsible for his actions

      • Museveni, Mutebile, Byaruhanga and Sudhir are partners. Apart from the State, Sudhir through Crane Bank, was the biggest funder of NRM activities.

  2. Kazibwe abdulsalaami

    WHY IS IT THAT THE INVESTORS WHO COME FROM ABROAD DON’T WANT TO LEAVE US AND ENJOY OUR COUNTRY BECAUSE NOW THE MAN IS RICH AND STILL TORTURING OTHER WHY?

  3. Ok,? Lee stated after ѡhich he stopped and thought.
    ?The very best thing abouht Gоd is ??? hmmmm?????..?
    He puzzled as a result of he had so many things tһat had been great about Godd Ƅut
    he neeɗed to pick thee very best one so he would win the game.

    ?That he knows everythіng. That?s really cool.

    Thаt means һe may help me with my homеwork.?
    Larry concluded with a proud expression oon his face.

  4. Hello, all the time i used to check web site posts here
    early in the daylight, since i love to find out more and more.

  5. The primary Resorts have specialized income administration professionals with a view to have higher outcomes, they have to predict
    the long run and assure essentially the most costumers at the most effective worth, a decision that can influence
    the resort destiny.

  6. Now be it a effectively deliberate holiday or a spontaneous one or even an pressing enterprise trip,
    you may book inns straight away by way of Justdial by means of net,
    App and Wap.

  7. Great post. I was checking constantly this blog and I am impressed!
    Very useful information particularly the closing part 🙂 I maintain such info much.
    I was seeking this certain info for a long time. Thanks and best of luck.

  8. After exploring a few of the blog articles on your web site, I honestly like your way of blogging.
    I book marked it to my bookmark website list and will be
    checking back soon. Take a look at my web site as well and tell me what you think.

  9. These loаns particuarly hapen to be unsecured in nature aand therefore, yⲟu
    stand to derive the loans with out having the need
    tο pledge any ⅽollateral.

  10. What’s up! Excellent post! I appreciate the way in which outlined The secrets behind the Sudhir
    saga. Very nice! The easiest way have you ever obtain this
    kind of superb way with words-at all? Will it be any ability or
    simply response to diligence.
    Are you able to share a joint of we crafting know-how beside me?

    This be really nice where endless printed simply writing for faculty .

    Despite the fact that, ways, it’s not just a and understanding relating to this homepage coffeybarton4.full-design.com.
    It is the evaluate online business what kind of big function is always to contrast content groups and consider the length of some

  11. Hurrah, that’s what I was exploring for, what a
    stuff! present here at this webpage, thanks admin of this
    website.

  12. You have made sоme realⅼy g᧐od points there. I looked on tһe internet to find out more about the issue and found
    most individuals wiⅼl go along with youг views on this site.

  13. Really interesting article. I think information usefull and informative.

  14. Free PC alternatives to Recycle and Phatmatik Pro:Loopdrive3 VSTABS.
    They will shun jobs high is no advantage of the city involved.
    Technology is driving dynamic advertising into new
    areas this also brings by using it some potential challenges,
    well not all companies have enough money to spend thousands of pounds in electronic advertising, well both
    the options highlighted can provide the identical final results with low investment of your time and cash, so now any organization from
    mechanics to dentists might have these in their guest waiting rooms.

  15. At this time I am going to do my breakfast, once having my breakfast coming again to read more news.

  16. That is really fascinating, You’re an overly professional blogger.
    I’ve joined your feed and stay up for in search of more
    of your fantastic post. Additionally, I’ve shared your site in my social networks

  17. I like this weblog so much, saved to favorites.

  18. I don’t even know how I ended up right here, but
    I assumed this submit was great. I don’t understand who
    you are but certainly you are going to a well-known blogger when you are not
    already. Cheers!

  19. of course like your website but you have to take
    a look at the spelling on quite a few of your posts. Several of
    them are rife with spelling issues and I find it very troublesome to tell the truth nevertheless I’ll
    surely come back again.

  20. Hello to every body, it’s my first pay a visit of this webpage; this web site consists of
    awesome and genuinely fine data in favor of readers.

  21. If you are going for finest contents like me, just pay a quick visit this
    website daily for the reason that it gives feature contents,
    thanks

  22. Simply wish to say your article is as surprising.
    The clearness to your put up is simply excellent and i can suppose
    you’re an expert in this subject. Fine with your permission let me
    to grasp your feed to stay up to date with imminent post.
    Thanks one million and please keep up the rewarding work.

  23. I would like to use the opportunity of saying thanks to you for the professional guidance I
    have often enjoyed visiting your site. We are looking forward to the
    particular commencement of my school research and the entire planning would
    never have been complete without checking out your web blog.
    If I may be of any assistance to others, I might be happy to help by means of what
    I have discovered from here.

Leave a Reply

Your email address will not be published. Required fields are marked *