The Appeals Tribunal of the PPDA has dismissed a case brought by Goldstar Insurance against the Uganda National Oil Company (UNOC). The tribunal said in its ruling on August 12 that the insurance firm’s application was filed too late, making it invalid under the law. The case started from a dispute over a procurement process…
The High Court (Commercial Division) has dismissed a lawsuit by Simbamanyo Estates against Equity Bank (U) Ltd, Equity Bank Ltd (Kenya) challenging the sale of its properties due to loan default. In 2020, Equity Bank (Uganda) sold Simbamanyo House to businessman Sudhir Ruparelia due to the failure by Simbamanyo Estates to clear a loan of…
One of the bitterest episodes in tycoon Sudhir Ruparelia’s storied business life is the way he lost Crane Bank Limited to DFCU in January 2017. Bank of Uganda determined that Crane Bank was undercapitalized, opening the way for DFCU to take it over at a cost of Shs 200 billion. Crane Bank was the crown…
The deceased former secretary to the Treasury, Keith Muhakanizi, owns a 0.20% stake in DFCU Limited, making him the third largest individual shareholder in one of Uganda’s leading financial institutions. Only Sudhir Ruparelia (0.29%) and businessman Rakesh Gadani (0.26%) owned more individual shares in the institution than Muhakanizi, according to the bank’s annual report for…
As the country mourns Rajiv Ruparelia following his tragic death, his father, business mogul Sudhir Ruparelia, faces a profound personal loss and a daunting business challenge: who will succeed him to lead the vast Ruparelia Group? The group is a cornerstone of Uganda’s economy, with a portfolio that includes iconic properties like the Speke Resort…
“I love cars, speed, and I love adrenaline. Motorsport was just the incoming thing for me,” Rajiv Ruparelia said in a 2019 interview, justifying his decision to join motorsport. Indeed, Ruparelia lived a life defined by speed, ambition, and an unyielding drive to carve his own path. As the son of billionaire tycoon Sudhir Ruparelia,…
Rajiv Ruparelia, the son of business mogul Sudhir Ruparelia, is dead. Rajiv died in an accident in the early hours of today morning. According to a press statement from the police, Rajiv was driving a Nissan GTR from Kajjansi toward Munyonyo when he lost control and his vehicle collided with temporary pavements at a roundabout…
