By Watchdog reporter

Crane Bank saga has taken a whole new twist as an aggrieved Ugandan has come out to declare ‘war’ on Bank of Uganda over failure to supervise the now defunct bank.

Nsereko Derrick, wants to sue Bank Of Uganda (BoU) seeking ‘declaratory orders of failure to supervise Crane Bank, collusion, corruption and fraud in the issuance of clean financial health bills in respect to Crane Bank Ltd (CBL)’

In the document issued by Kashillingi Rugaba & Associates, Nsereko observes that ‘sometime in 2016, the governor BoU publicly observed that Crane Bank Ltd had a clean financial bill of health and it now transpires that these authoritative assurances were not entirely true’

“These events clearly demonstrate that BoU has either failed in exercising its statutory mandate in supervising the management and affairs of Crane Bank Ltd or BoU’s officers colluded with the management of Crane Bank Ltd in doctoring reports that sound financial health of Crane Bank Ltd,” the document partly reads

Nsereko further wants the Inspector General of Police (IGP) and police to commence criminal investigations & proceedings against officers of BoU.

The Crane Bank saga started with BOU putting it under receivership on October 20, 2016 and transferring its assets and liabilities to DFCU in January this year. At the beginning of this week, news broke that BoU was suing former Crane Bank owner Sudhir Ruparelia and his Meera Investments to return Shs400bn which they claim was siphoned out of the bank while it was still under their control.

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