Months after the closure of Crane Bank, Ugandan Businessman and former Africa’s Number 18, – Sudhir Ruperelia got two major business setbacks when Crane Bank was taken over and later sold to Dfcu Bank. Crane Bank was among the four leading commercial banks in Uganda.
Last month, Bank of Uganda (BoU) piled more woos to the tycoon when it closed three forex Bureaus owned by Sudhir including Karibu, RedFox and Crane Forex Bereau.
Recently, Sudhir was removed from the Forbes wealth list after his net wealth fell to below $ 800m from $ 1.1 billion in 2015.
Unconfirmed reports indicate teacher’s at Sudhir’s Kampala Parents and Kabira International School have not been paid for several months.
It is also said Kampala Parents has been losing pupils to rival schools and that the biggest gainer has been Greenhill Academy.
Victoria University also owned by Sudhir is still struggling, it has lost more than five key staff, including the Vice Chancellor at the same time early this year.
There are reports that Bank of Uganda has also attached Sudhir two properties including one on Kampala road and another one downtown as the regulator seeks to recover some money.
Crane Bank was a major financier of traders in Kikuubo- the business hub of Kampala. Crane Bank was also financier of Uganda’s leading importers.
Besides, Crane Bank and Sudhir’s other businesses provided employment (directly and indirectly) to thousands of Ugandans. Recently Dfcu, the bank that took over Crane Bank fired close to 300 former employees of Crane bank. This had negative effects on the economy.
His Excellence President Museveni recently ordered for a full report on the collapse of Crane Bank and Sudhir’s business empire. The report seeks to answer the unanswered questions- who is to blame for the collapse of Crane Bank?