Businessman Sudhir Ruparelia and members of his family are pursuing more than £300 million, equivalent to about Shs1.58 trillion, in damages from Norfinance and other parties over the 2016 takeover of Crane Bank and the subsequent transfer of its banking operations to dfcu. The claim was due to come before the London High Court as the long-running dispute moved towards a full trial.

The case centres on the Bank of Uganda’s decision to place Crane Bank under statutory management in 2016 and the later transfer of selected assets and liabilities to dfcu. Ruparelia and the other claimants argue that the bank was deprived of its business through an unlawful process. The defendants reject most of the allegations and maintain that Crane Bank was not financially sound when the regulator intervened.

The claimants’ case raises questions about regulatory decisions made before the takeover, the bank’s financial condition and whether its operations were transferred at a fair value. They also allege that some decisions and interactions surrounding the process worked against Crane Bank and helped make the business available for takeover. Those claims remain disputed and must be tested through the evidence presented in court.

The proceedings involve companies and individuals connected to dfcu’s ownership structure, including Norwegian investment company Norfinance and South African firm Arise. Norfund, Norway’s development finance institution, has ownership links to the wider structure but, according to the report, is not itself a defendant. Norfinance and other defendants have rejected the allegations and say they will defend themselves in court.

The claimants also refer to allegations connected to a proposed Chinese investment involving CEFC China Energy and the US corruption case against intermediary Patrick Ho. These matters form part of the claimants’ account of the wider events; their relevance and legal significance are for the court to assess. The defendants dispute the overall narrative advanced by Ruparelia’s side.

The lawsuit has taken years to reach trial, in part because of earlier questions about who had legal standing to bring the case. The Ruparelia family later regained control of the formal Crane Bank entity through proceedings in Uganda, and Crane Bank is now a principal claimant alongside members of the family.

The £300 million-plus figure is the amount sought, not a court award. The London proceedings are expected to examine the bank’s financial position, the regulator’s intervention and the circumstances of the transfer before determining whether any defendant is legally liable.

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