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Sudhir suffers more losses

Property mogul Sudhir Ruparelia is reeling from yet another loss after Bank of Uganda shut down four forex bureaus belonging to him. In a statement BOU issued, the owners of the forex bureaus closed made no effort to renew them after their licenses expired on Dec 31.

Two of the forex bureaus associated with the defunct Crane bank are located on Kampala Road and the two others are Redforex bureau de change and Karibu forex bureau.

The statement added, “The forex bureaus are therefore not permitted to transact any business as prescribed under the Foreign Exchange Act 2004.” BOU Director of Commercial Banking Benedict Sekabira said fitness and probity of the bureau’s proprietors, management and the board are some of the things considered before a renewal is issued.

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