We Left Crane Bank Properties in 2020 – DFCU Bank

Kampala, Uganda | THE BLACK EXAMINER | On October 24, 2023, Justice Tadeo Asiimwe issued a permanent injunction order, prohibiting dfcu Bank, its agents, and employees from continuing to trespass on the properties involved in the case.

As part of the Purchase of Assets and Assumption Agreement (P&A), dfcu Bank acquired 48 leases that once housed branches of the former Crane Bank Limited (CBL) in 2017. These leases were officially transferred to dfcu Bank after payment of the necessary fees and taxes.

However, Meera Investment Limited filed a lawsuit against dfcu Bank and the Commissioner of Land Registration, contesting the transfer of these 48 leases by the Bank of Uganda to dfcu Bank.

On October 24, 2023, the High Court of Uganda issued a judgment, instructing the Commissioner of Land Registration to cancel the transfer of the properties to dfcu Bank. Additionally, the Bank was ordered to provide Meera Investment with vacant possession of the concerned properties within three months from the date of the judgment.

In response, dfcu Bank issued a brief statement on Saturday morning, asserting that the court’s ruling would not impact the bank’s daily operations, as the branches in question had been vacated in 2020. The bank had already left the buildings, which are located in various parts of Uganda, and some of them were situated in road reserves.

dfcu Bank also emphasized that it remained fully indemnified by the Bank of Uganda under the P&A agreement, and it assured the public that it was still financially robust and capable of meeting its customers’ needs while fulfilling its mission of empowering individuals and businesses in Uganda.

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