{UAH} Sudhir forced to surrender Munyonyo hotels
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6:13 AM |
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Sudhir forced to surrender Munyonyo hotels
Added 13th July 2017 09:32 AM
Bank of Uganda wants Sudhir to pay back $70m and sh60b. This means he has to pay sh311b. BOU wants the money paid within this financial year.
PROPERTY | SUDHIR
Embattled property mogul Sudhir Ruparelia has agreed to surrender some of his prime properties to the Bank of Uganda in order to settle the sh400b bank fraud case out of court, New Vision has learnt.
Bank of Uganda, through Crane Bank, has sued Sudhir and his Meera Investments on behalf of Crane Bank, which is under receivership of the regulator, to compel the property mogul pay back over sh400b he allegedly "extracted" from Crane Bank before it was taken over.
Under the mediation scheme that the Judiciary is currently promoting as an alternative for court action, Sudhir has a window of opportunity to avoid a gruelling court battle if he pays back the money.
Bank of Uganda, according to sources, has indicated that it will withdraw the case if Sudhir agrees to pay back the money. BOU has spelt out the terms for an out-ofcourt settlement.
The Bank of Uganda wants Sudhir to pay back $70m and sh60b. This means he has to pay sh311b, if he agrees to an out-of-court settlement. "The BOU is demanding that Sudhir pays back the money within this financial year.
BOU wants him to immediately pay $18m in addition to the titles of his properties as security that he will pay back the money," sources said.
"The BOU has indicated it is not interested in disposing of Sudhir's assets, it only wants him to pay back the money he took from Crane Bank."
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