By our reporter

Four Forex Bureaus belonging to property mogul Sudhir Ruparelia have sued Bank of Uganda (BoU) for holding their money illegally.

Through their lawyers Magna Advocates, the forex bureaus jointly allege that Bank of Uganda illegally and unjustly withheld shs283,817,453 for its own use.

Now, the forex bureaus want the money refunded with an interest.

In April BoU Governor, Emmanuel Tumusiime Mutebile wrote to Sudhir notifying him of Central Bank’s refusal to renew annual operating license for Crank forex Bureau Speke Road limited, Crane forex bureau Kampala Road limited, Stanhope forex bureau limited and Redfox bureau change limited.

“With reference to your letter dated December 9, 2016 on the above subject, I wish to advise as follows; in accordance with regulation 9(1) © and (f) and regulation 13 of the Foreign Exchange (Forex Bureau and Money Remittance) regulation, 2006, your application for renewal of the forex bureau license issued to Crane Forex Bureau Limited has been declined” Mutebile wrote.

In June, Sudhir wrote back to the Director Non-Banking Financial Institute Bank of Uganda notifying the director to refund the money that was advanced to the bank as license fee.

However, BoU through Justine Bagyenda, the Executive Director Supervision of the institution, adamantly refused to refund the money and this has compelled Sudhir and other directors in the business to seek redress in court over BoU failure to return what doesn’t belong to it.

“With reference to your letter dated June 11, 2017, on the above subject, we wish to advise that BoU is not in position to consider any claims by Mr Sudhir Ruparelia and his associates until the court case filed by Crane Bank Limited (receivership), against Mr Sudhir Ruparelia is settled.” Stated Bagyenda.

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