A little over 4 pm yesterday, Kashiling lugaba and Associates served the office of the governor at the Central Bank with a notice of intention to sue. The notice which warned over an impending law suit on the Central Bank was for the role the regulator had played or declined to play in the alleged fraudulent activities that cost Crane Bank over 400 billion shillings. “The most immediate concern he has is the information that Bank of Uganda has availed to the public; one, when they took Sudhir Ruparelia out of Crane Bank and then the subsequent sale, and now Crane Bank Uganda receivership and the information that has been coming out indicating the kind of things that have been going on with that bank under the very careful of eye and the supervision of Bank of Uganda.”

Kashiling said that the bank had not yet responded to their notice but they intended to go ahead with their law suit. “We served Bank of Uganda yesterday towards the close of business so I suppose probably they are having their own internal meetings, we are waiting to hear from them within the period that we have given and whether we hear from them or not, we will proceed as instructed by our client.” The bank issued a statement that afternoon clarifying on the lawyers that they had hired and the Court’s filing fee issued to URA but did not mention anything about the notice that was served to them. The notice however, sought strikingly close to details that NTV had obtained about a meeting at State House on Thursday between Central Bank officials, the President and Sudhir Ruparelia in which it is said that Sudhir asked the Central Bank officials to be held accountable for the fraudulent activities too. Bank of Uganda filed a suit with the Commercial Court seeking to recover 48 land titles and over 300 billion shillings from the businessman for a string of allegedly fraudulent transactions carried out under the bank.