DFCU Bank sued for failure to payoff Crane Bank debts

Kampala, Uganda | GODFREY SSALI  | The Commercial Court has summoned DFCU bank to file a defence within 15 days explaining why it has refused to pay debts that were incurred by the now closed Crane Bank.

This follows a suit filed by an advertising company Premier Advertsing and media Ltd against DFCU bank, claiming it demanded Sh112 million from Crane Bank as at the time Bank of Uganda transfered all its assets and liabilities to DFCU bank.

According to the company manager David Esiat, the said money arises out of an advertising contract that Crane Bank entered into with his company to market its services.

He says that however, despite repeated demands and reminders, DFCU bank has refused to settle this debt which has occassioned loss to his business, which prompted them to seek court’s intevention.