By Najibu Mulema

In a statement by the Governor Bank of Uganda, Prof. Emmanuel Tumusiime Mutebile, said with effect from October 20 2016, Bank of Uganda has taken over management of Crane bank. The governor cited the law, section 87(3),88(1) of the financial institutions act 2014 ,

The BoU has gone ahead to suspend the services of Crane bank  managing  director, instructed him to handover the responsibilities to the central bank statutory manager Mr. Edward Katimbo Mugwanya though he will continue to serve crane bank ltd as a principal support of the statutory manager.

Crane bank is owned by a city tycoon Sudhir Ruparelia.

Last week Watchdog Uganda reported how some customers of Crane Bank couldn’t receive money from ATM machines across Kampala, as the bank had switched off the machines amidst rumours that were  circulating that one of the biggest banks in the country was about to close down.

The central bank however refuted claims that it was going to close Crane Bank.  They called it a rumour.

Now the rumour has come to pass.