CBL Board Chairman Narrates how BoU Mercilessly closed their Bank


The board chairman of the now defunct Crane Bank Limited (CBL) Joseph Biribwona shocked parliament when he narrated the bitter experience they went through as Bank of Uganda iron Lady  Justine Bagyenda,the former executive director supervision tormented them.

Biribwona who was accompanied by a powerful delegation from their former bank were on Wednesday appearing before the parliament committee investigating Bank of Uganda over the sale of seven banks in a manner that has left the country in total shock.

He told the members that Bank of Uganda merely had intentions of strangling them out of business than to protect them because they did all it takes to respond and address the issue of under capitalization as requested but they never got that help.

Biribwona observed that their shareholders suffered the shock of their life when the then former bank managing director A.K Kalan informed them that the bank of Uganda had instructed him to close all operations within three days because b their bank had been taken over by DFCU.

However the former Crane bank vice chairman Sudhir Ruparelia insisted during his submission that parliament compel the central bank yo compensate them and allow them to reopen since they never committed any offence that warranted their clandestine closure.

“Mr. Chairman it is my prayer that the central bank is compelled to compensate us for all the losses and embarrassment we suffered and also be allowed to reopen for  fresh business because we are victims of circumstances “ lamented the city tycoon.

Sudhir pointed out that they want the house to order for a forensic audit of all happenings before and after the sale of their bank to DFCU at a paltry 200bn payable in installments and without profits.

“We are calling for a fresh forensic audit to be executed so that we can all understand what exactly was the financial stand of our bank given that our bank was never given time to submit a status report “noted Sudhir.

Share Button

This post has been seen 1973 times.

Related posts

Leave a Comment