{UAH} Shocking: New investigations show that Crane Bank was sold at zero shillings

http://dailyinspector.co.ug/shocking-new-investigations-show-that-crane-bank-was-sold-at-zero-shillings/

As we had earlier on reported that Crane Bank Limited was sold at  Shs200 billion shillings, a new  investigation has revealed that the Shs200 billion was paid for liabilities.  Earlier reports had said that the defunct bank was valued at Shs1.3 trillion though it was taken over by DFCU bank at a zero fee.

The defunct Crane Bank was put under receivership two years back and Dfcu took it over following a January 25^th, 2017 agreement that has since leaked to the public and queried by many people as being fraudulent.

The sales agreement did not state the amounts of money paid by Dfcu as a net purchase price; or the payment terms for monies, or the assets (outside branches) that Dfcu was taking over.

The agreement also excluded shareholders of Crane Bank a thing that is contrary to the Financial Institutions Act. The agreement did not also list the assets acquired.

It should be remembered that Crane Bank was owned by city mogul Sudhir Ruparelia who had (28.83%) shares, his wife Ms Jyotsna Ruparelia had (13.8%) share,  Sheena Ruparelia, Meera Ruparelia and Mr Rajiv Ruparelia had  (1.99%) shares,  White Sapphire had  (47%) shares, Jitendra Sanghani  had (4%) shares while Tom Mugenga had  (0.003%) shares.

"In real sense, no money was paid for consideration of Crane Bank, world over banks can be sold for $1 as consideration. This was a fraudulent transaction which can be successfully challenged in courts of law, said one of the lawyers.

After the take over of Crane Bank, Dfcu's profits were reportedly believed to have jumped from Shs 31bn to Shs 150bn within just three months.

It should be recalled that Crane Bank that helped turn around Dfcu Bank profits had been put under receivership by BoU a few months earlier reason being that it was under-capitalised and posed systemic risk to the banking sector.

The Crane Bank shareholders claim that the material terms of the agreement were "agreed fraudulently and secretly outside the agreement by BoU officials and DFCU officials."

The shareholders are also accusing the Central Bank and DFCU of among others for taking over the leases without the knowledge and consent of the lease guarantor; failing to value Crane Bank assets to determine their market value before sale, and collusion to defraud the taxpayer and Crane Bank shareholders.

Keep following us for more information that is unveiling day by day.

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Allaah gives the best to those who leave the choice to Him."And if Allah touches you with harm, none can remove it but He, and if He touches you with good, then He is Able to do all things." (6:17)

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