A showdown of legal action in the commercial court is due to start as Bank of Uganda seeks to recover at least $93 million and 48 land titles from Sudhir Ruparelia’s Meera Investments


As the battle between Bank of Uganda (BOU) and business magnate Sudhir Ruparelia takes shape, an impeccable source has disclosed that the latest twist in what promises to be an epic legal battle.

Both the Uganda Law Society and Law Council have raised a red flag, fortunately early, and warned that MMAKS Advocates, the lead law firm representing BOU recuses itself from the case immediately.

MMAKS managing partner Timothy Kanyerezi Masembe and BOU lead external lawyer has represented Sudhir and Crane Bank on various occasions which seriously dents BOU cases.
It is ethically wrong but also raises a serious issue of conflict of interest and such is forbidden by the Advocates (Professional Conduct) Regulations. MMAKS in this particular case has a direct conflict of interest.

This is the same reason the Attorney General was not named as a party to the suit which claims to be recovering money for Ugandans, the current AG William Byaruhanga having represented the embattled businessman on a number of court cases.


As if that is not enough, a third party, in the names of Derrick Nsereko, has also joined the legal fray by issuing Bank of Uganda a notice of intention to sue demanding to know how the Central Bank let the alleged fraud happen. The intention to sue was served to the office of the Bank of Uganda Governor by Kashillingi, Rugaba and associates, the law firm that represents Nsereko.

The notice which warned of an impending suit on the central bank was for the role the regulator had played or declined to play in the alleged fraudulent activities that cost Crane bank over Shs400 billion in revenue. Kashillingi says that the Bank has not yet responded to their notice but they intend to go ahead with the suit

The bank issued a statement on Thursday afternoon clarifying on the lawyers they had hired and the court filing fees issued to URA but did not mention the notice served to them. The notice however sits strikingly close to details about a meeting at State house on Thursday between BOU officials, the President and Sudhir Ruparelia in which it is said that Sudhir asked that the Central Bank officials be held accountable for the fraudulent activities too