London Trial Puts Dutch and Norwegian Investors in the Spotlight as Sudhir Seeks Shs889bn Over Alleged Corrupt Crane Bank Sale

What the report says

A long-running dispute over the 2016–2017 collapse and sale of Crane Bank has moved into a substantive trial at London’s High Court, where Ugandan businessman Sudhir Ruparelia and other former shareholders are seeking at least €200 million, or about Shs889 billion, in damages. Watchdog Uganda reports that the case, filed as Crane Bank Limited & Others v dfcu Bank Limited & Others, opened in the Commercial Court on 5 October 2026 and is expected to last 12 to 16 weeks.

The claimants say the Bank of Uganda’s seizure of Crane Bank and transfer of selected assets and liabilities to dfcu Bank was part of an unlawful and corrupt scheme that undervalued the bank and stripped them of their investment. Their case also points to the role of foreign-linked backers of the buyer, including Rabo Partnerships, tied to Rabobank, and Norway’s Norfinance AS. A disputed internal email and an earlier bribery conviction involving a separate intermediary are among the issues the claimants say support their allegations.

Dfcu Bank and the other defendants deny wrongdoing. They argue Crane Bank was undercapitalised, that the central bank acted lawfully to protect depositors, and that valuation work was carried out with KPMG involved. Norfund, linked to Norfinance, has also rejected the claims. Some former dfcu board members linked to Rabobank have not commented while the case is active.

The London trial comes as the issue remains live in Uganda, where Parliament’s COSASE committee is separately examining Shs219.4 billion in liquidity support that the Bank of Uganda says remains recoverable. The dispute is significant because it could affect how courts assess Uganda’s bank-resolution process and the involvement of development-finance-backed investors.