KAMPALA — A long-running dispute over the collapse of Crane Bank has taken a new turn in the United Kingdom, with businessman Sudhir Ruparelia and other former shareholders seeking at least €200 million (about Shs889 billion) in damages from parties linked to the bank’s takeover.
The case is being heard before the High Court in London and brings Rabobank and its former executives into a legal dispute that dates back to Bank of Uganda’s intervention in Crane Bank in 2016.
Crane Bank was placed under Bank of Uganda statutory management in October 2016 before some of its assets and liabilities were transferred to dfcu Bank in January 2017. The transfer has since been the subject of prolonged litigation in Uganda and the UK.
Ruparelia and the other claimants allege that Crane Bank was taken over through an unlawful process and that its assets and liabilities were subsequently transferred to dfcu at a value that did not reflect the bank’s alleged worth.
Court documents show that the claimants allege that Bank of Uganda, dfcu and other defendants were involved in a scheme that resulted in the loss of the bank and caused financial damage to its former shareholders. These remain allegations before the court and have not been established as facts.
The claimants are seeking at least €200 million in damages, with the case also examining the circumstances surrounding the valuation and transfer of Crane Bank.
Rabo Partnerships B.V., a Rabobank-related entity, is among the defendants named in the proceedings. The case therefore extends beyond the original dispute between the former Crane Bank owners, Bank of Uganda and dfcu to include parties associated with the Dutch financial group.
Crane Bank, which was founded by Ruparelia in the 1990s, was one of Uganda’s prominent indigenous commercial banks before Bank of Uganda intervened in 2016.
The central bank took control of the institution after raising concerns about its financial position. It subsequently placed the bank in receivership and transferred selected assets and liabilities to dfcu.
A Ugandan court record shows that Bank of Uganda said an independent audit had found Crane Bank’s liabilities to exceed its assets at the time of the intervention. The central bank subsequently transferred the bank’s liabilities, including deposits, to dfcu in exchange for Crane Bank assets.
Ruparelia and other former shareholders have, however, continued to challenge aspects of the transaction.
The latest proceedings are part of a broader legal battle that has already passed through several stages in the English courts.
In 2023, the Court of Appeal in England allowed parts of the Crane Bank claim against dfcu and other defendants to proceed, after earlier proceedings had been challenged on jurisdictional grounds. Rabo Partnerships and other entities were among the defendants named in that litigation.
The UK Supreme Court subsequently declined applications seeking permission to appeal, clearing the way for the case to continue.
The litigation has since involved extensive disclosure and examination of documents. In March 2026, the High Court issued further rulings in the case concerning disclosure by the parties.
One of the issues raised in the wider proceedings concerns about $27.5 million, which the claimants say was connected to proceeds from the sale of a portfolio of Crane Bank loans.
The claimants have characterised the circumstances surrounding the payment as part of the alleged wrongdoing in the transaction.
The defendants have disputed the allegations and maintained that the transaction and the handling of funds had legitimate explanations.
The court will ultimately have to determine which of the competing accounts is supported by the evidence.
The dispute has therefore evolved from a Ugandan banking controversy into a complex international commercial case involving a former Ugandan bank, its shareholders, dfcu and European financial institutions.
For Ruparelia and the other claimants, the London proceedings represent another attempt to recover compensation over the loss of Crane Bank.
For the defendants, the case provides an opportunity to contest the allegations and their alleged responsibility for the losses claimed.
The claim before the London court currently stands at at least €200 million.
The proceedings are expected to involve substantial documentary evidence as the parties present their respective accounts of what happened to Crane Bank before and after its takeover in 2016.