DFCU Bank has told shareholders to brace for a loss in the first half of 2026, and at the heart of the financial pain is a legal battle in London pitting the bank against tycoon Sudhir Ruparelia and his family. In a profit warning issued to the Uganda Securities Exchange on July 30, 2026, the…
Kabira Country Club, owned by businessman Sudhir Ruparelia, has been ordered to pay its former receptionist, Robert Elwayu, Shs 9.4 million, after the court found that he was unlawfully dismissed following the accusation that he was “sleeping on the job.” Justice Anthony Wabwire Musana said although sleeping on duty can amount to gross misconduct, Kabira…
The Industrial Court has dismissed a case lodged by Mathias Bbaale, a former lecturer at Victoria University, who was claiming salary arrears and other damages worth Shs 50 million after the university declined to renew his contract. The court discovered that Bbaale was not a full-time lecturer at the university, as he had claimed, but…
Justice Samuel Emokor of the High Court has dismissed an application by Meera Investments Limited seeking more than Shs 40 billion from DFCU Bank for alleged contempt of court. In his ruling, Justice Emokor of the Land Division held that although DFCU vacated dozens of properties without restoring them, its failure to do so was…
The Supreme Court has ordered Bank of Uganda to pay businessman Sudhir Ruparelia and his firm Meera Investments Ltd Shs 1 billion as legal costs in their long-running dispute over the closure of Crane Bank. The conflict began in 2016 when the Bank of Uganda placed Crane Bank under receivership due to financial irregularities. In…
The PPDA Appeals Tribunal has dismissed a case challenging Uganda Revenue Authority’s (URA) decision to rent office space in tycoon Sudhir Ruparelia’s new building, Pearl Tower One, at Shs 18. 7 billion over a period of three years. The decision had been challenged by Twed Property Development Limited (TWED), which had also put in a…
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…
