The Commercial Court has given Bank of Uganda and Business tycoon Sudhir Ruparelia 60 days within which to amicably settle their differences, failure of which the case file will be forwarded to a Judge for hearing.
On Tuesday this week, the Head of this Court Justice David Wangutusi appointed city lawyer Harriet Magala from Kituuma Magala and company advocates as an arbitrator in this case, where Bank of Uganda accuses Sudhir of siphoning over 700 billion shillings from Crane Bank.
However according to Court Registrar in-charge of mediation matters, Vincent Emmy Mugabo, mediation in this case cannot start unless all the necessary documents and evidence is filed in court by the two warring parties.
He explained that there is a counter claim filed by Sudhir against Bank of Uganda and Crane Bank that has not been responded to by the Central Bank.
Mugabo also elaborated on the mediation process that is now a practice in all civil matters, having been enrolled in courts as an Alternative Dispute Resolution mechanism, mainly to clear case backlog and maintaining relationship between parties.