By Watchdog reporter

Bank of Uganda and property mogul Sudhir Ruparelia are set to mediate to cut costs in a court case where BoU is accusing Sudhir and his Meera Investments Limited of siphoning shs400 billion from the now defunct Crane Bank.

The Commercial Court asked the property mogul and BoU to try solving their differences outside court.

On Tuesday, the Court appointed city advocate Harriet Magala of Kituuma – Magala and Company Advocates to mediate in the case where Bank of Uganda wants Sudhir to repay up to Shs. 397billion that he allegedly stole from Crane Bank Ltd.

Judiciary spokesperson and Registrar in charge of mediation at Commercial Court, Vincent Mugabo made the revelation and described the appointed mediator as an experienced person in this field.

Recently BoU through its lawyers rushed to court to file a suit against the business man on the matter yet prior the two parties had entered an agreement to settle the issue outside court.

Unfortunately, Central bank breached the agreement even though Sudhir had already paid $8,000,000 in honour of the agreement.

However, on Thursday 3rd August Sudhir filled a defense case through his lawyers Kampala Associated Advocates thrashing the forensic report on Crane Bank that the Central Bank had used against him.

Sudhir filed a 64 page defense that casts the forensic audit document as fabricated.

Apparently, the mediation is due to take place tomorrow on Thursday.