Business

Crane Bank Saga: Gov’t Speaks out on Taking Sudhir’s Property

Minister Ephraim Kamuntu

The Minister of Tourism, Wildlife and Antiquities Ephraim kamuntu has dismissed reports that the government is set to takeaway businessman Sudhir Ruparelia’s property in order to recover the money he allegedly extracted from Crane Bank before it was put under receivership.

Speaking on the sidelines at the launch of the Giants club conservation and investment forum at state House Entebbe, Kamuntu said the government is ready to do whatever it takes to protect institutions that promote tourism.

“We will go an extra mile to provide incentives to protect institutions that help promote tourism,” the minister said.

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Bank of Uganda, through Crane Bank, has sued Sudhir and his Meera Investments on behalf of Crane Bank, which is under receivership of the regulator, to compel the property mogul pay back Shs400bn.

Some of the properties that reports say will be seized include Sudhir’s prime property Speke Resort and Conference Centre and Bauman House on Parliamentary Avenue currently being rented by the Ministry of Justice and Constitutional Affairs.

Reports further indicate that Sudhir will surrender his shareholding in Munyonyo Commonwealth Resort, which he jointly owns with the government.

Kamuntu says much as there is a crisis over Crane Bank, government will protect the hotel to avoid disruption of hospitality.


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