By Watchdog reporter
Technology Associates Group Limited has stressed out that embattled business mogul Sudhir Ruparelia has never been its shareholder or director as alleged by media reports.
The media reports arising from a court case between Bank of Uganda and former defunct Crane Bank chairman Sudhir alleges that Technology Associates was used to draw out money from the bank through payments for non-existent supplies.
According to reports, Ruparelia paid $10.2m in 2013 to Technology Associates Group Limited; a company registered in Dubai and is related to Technology Associates Limited in Uganda for software purchases.
However, Girisch Nair, Chairman Technology Associates, “categorically” pointed out that Sudhir has never been a shareholder or director in the Technology Associates group or any of the subsidiaries in any country.
Meanwhile, Nair clarifies that they have previously worked with Crane Bank Management for over a period of 10 years.
“TA has been a technology vendor to Crane Bank for over a decade and has participated in building the bank’s mission-critical technology infrastructure that enabled them to establish an extensive retail banking footprint in the country,” said Nair.