UGANDA, Kampala | Real Muloodi News | Dfcu Bank clarified that it vacated the former Crane Bank properties in 2020, following a recent court order to cancel the transfer of these properties.
On October 24, 2023, the High Court of Uganda issued a judgment instructing the Commissioner of Land Registration to annul the property transfer to dfcu Bank and for the bank to grant Meera Investment Limited vacant possession of the properties within three months from the date of the judgment.
As part of the Purchase of Assets and Assumption Agreement (P&A) in 2017, Dfcu Bank took over 48 leases that previously accommodated Crane Bank Limited (CBL) branches. These leases were transferred to dfcu Bank after fulfilling the necessary payments and taxes.
Meera Investment Limited later filed a lawsuit against Dfcu Bank and the Commissioner of Land Registration, challenging the transfer of the 48 leases by the Bank of Uganda to Dfcu Bank.
In response, Dfcu Bank released a brief statement affirming that the court’s decision would not disrupt the bank’s day-to-day operations because it had already vacated the branches in question in 2020.
The bank had also left various buildings situated in different regions of Uganda. It is worth noting that some of these buildings, such as the former Ntinda Crane Bank branch, are located in road reserves.
Furthermore, Dfcu Bank underlined that it was fully indemnified by the Bank of Uganda under the P&A agreement.
Despite these legal developments, the bank emphasised its strength and robust capitalisation, affirming its commitment to meeting its customers’ needs and continuing its mission of transforming lives and businesses in Uganda.
READ MORE LIKE THIS:
Landmark Ruling Orders Dfcu Bank to Vacate Sudhir’s Properties and Pay Compensation
Rajiv Ruparelia Liable for Spreading “Malicious Falsehoods” to Cause DFCU Bank Crisis