Sudhir who is believed to be the richest Ugandan.

Bank of Uganda last week took over the management of crane Bank amidst confusion on who actually is in charge of the embattled financial institution owned by tycoon Sudhir Ruparelia.

Earlier during the week, Bank of Uganda had assured the public that nothing was wrong at the Bank which is famous for winning international excellence awards in the banking sector.

In a statement from the central Bank, the central Bank revoked section 87-1 and 88-1 of the financial institutions act 2004 to take the decision.

The statement issued by the Governor of the Central Bank, Tumusiime Mutebile also suspended the Board of directors of crane Bank.

Crane bank that was last week taken over by Bank of Uganda.

However, the central Bank maintained that none of the staff of the bank would be affected.

Mutebile said all staff members under a new arrangement of supervision by the Central Bank will continue with the bank’s management and has asked the staff to corporate so as to have the Bank continue running normally under new management.

The post Bank of Uganda takes over Crane bank amidst drama. first appeared on Uganda Multimedia News & Information.