dfcu Bank has secured a key procedural win in ongoing legal proceedings brought by Crane Bank Limited (CBL) and others before the English High Court. The case stems from the fallout of the 2017 acquisition of Crane Bank by dfcu, a transaction that has sparked protracted litigation involving multiple parties.
In a major development, the court dismissed efforts by Crane Bank’s legal team to exclude forensic reports prepared by PricewaterhouseCoopers Ltd (PwC) from the case.
CBL had argued that PwC Uganda was not part of the globally recognised PwC network and that the audit reports were inadmissible in proving key facts. However, these arguments were rejected by Justice Paul Stanley.
The judge emphasized the significance of the PwC reports, which span more than 150 pages and cover events dating back to the early 2000s. He noted that, if accurate, the findings suggest serious mismanagement within Crane Bank. These include:
- Deliberate misrepresentation on the bank’s balance sheet
- Concealment of shareholder identities
- Misuse of bank funds
- Favorable insider dealings
Justice Stanley remarked that such practices were “inconsistent with what any sensible regulator would wish to see operating a strategically important bank.”
Adding to the unfolding legal drama, the court ordered businessman Sudhir Ruparelia to surrender his mobile phone for forensic examination, seeking documents relevant to the case. Sheena Ruparelia was similarly directed to disclose materials from her personal email account.
dfcu Bank welcomed the court’s decision, describing it as a validation of its longstanding position that the claims against it are baseless. “We continue to act in accordance with international best practices, legal frameworks, and ethical standards,” the bank said in a statement.
As the case progresses, the ruling strengthens dfcu’s legal footing while putting more scrutiny on the internal operations of Crane Bank prior to its closure by the Bank of Uganda.