DFCU Bank has sent out bid invitations seeking services of a consultant to help them come up with a relocation plan of over 22 properties that belong to Meera Investments Limited, which is part of the Ruparelia Group of Companies.
This follows a Commercial court ruling dismissing a shs. 397 bn case where Bank of Uganda and Crane bank in receivership had sued Sudhir for allegedly siphoning money out of his bank. Court ruled that a bank in receivership cannot sue or be sued.
Meera Investments sued DFCU demanding unpaid rent arrears worth billions of Shllings. However reports indicate that DFCU is not ready for a legal battle which has compelled them to exit the Properties before they are pushed out.
This move comes weeks after information leaked that DFCU had started transferring some of the properties into it’s names, a move Lawyers described as illegal and criminal.
DFCU has been operating business in Properties belonging to Meera Investments Limited since 2017 when it took over Crane Bank.
According to the document, the bank said in part: “…due to current trends in design setup, wear and tear overtime and other unavoidable business conditions, DFCU Bank would like to relocate twenty two (22) business locations across the country to new premises within the same localities.”
On 20th October, 2016, Bank of Uganda closed Crane Bank at shs. 200 billion to DFCU Bank. DFCU received some of the assets and liabilities of Crane Bank and started to operate in different branches whose ownership belonged to Meera Investments Ltd, Between 2012 and 2016, Meera leased the 46 properties to Crane Bank on different terms with the leases being duly registered as encumbrances on Meera’s freehold and mailo interest.
The lease titles were subsequently processed and issued to Crane Bank. Crane Bank agreed to pay US$6,000 as ground rent for each of the properties effective on or before the January 1, of every year to the property owners (Meera Investments).