Embattled former Crane Bank owner Sudhir Ruparelia has fired back at Bank of Uganda (BoU) boss Tumusiime Mutebile after Dfcu Bank was confirmed last week to takeover his treasured bank.
Sudhir’s remarks, motivated by his disgust over BoU’s response to the his financial woes, were also deeply ironic, given that Uganda is having brutal economic polices and BoU has failed to innovate and come up with policies that can encourage lending at low interest rates. “If Crane Bank that had money can fall, how about you broke mafia,” he told a local daily.
Sudhir described his feelings about Bank of Uganda as unprecedented, saying the mafias that are celebrating and dancing on the grave of Crane Bank should brace for more trouble since the economy is taking a further nose dive. “The economy is bad and there are no good policies that can make it easy for banks to borrow money,” he added, comments presumably fired at Tumusiime Mutebile’s BoU.
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“Other smaller banks and businesses will soon follow suit,” he added as many of them are also struggling with non-performing loans problems.
Sudhir has pilloried BoU before. But these new remarks displayed a deeper intensity and anger, reflecting his apparent belief mafias inside Mutebile’s institution distributed the little money that had remained in the bank.
The real estate mogul had returned to that theme he earlier hinted on in December that in some way the Central Bank had ‘private interests’ in its takeover and eventual sale of Crane Bank, saying there were possible ‘corruption tendencies.’
Sudhir’ s charge, in perception, was based on his perception that it was insiders within Bank of Uganda that were corruptly behind this whole saga.
Also read: The real owners of DFCU/Crane Bank unmasked
“The politicking that has emerged within the sector is the lead cause of whatever action that taken by BoU to declare the immediate takeover of our bank …”
Crane Bank was Uganda’s fourth largest bank by assets before BoU took over management because it had become significantly undercapitalised and later sold it off to Dfcu for a yet to be disclosed figure.
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