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Crane Bank Clarifies On Fraud Rumours

The management of Crane Bank has come out to deny rumours that their MD A.R. Kalan has defrauded the bank of $18m. Rumours have been doing rounds that Mr Kalan will not return to Uganda after defrauding Kampala Road based financial institution owned by property mogul Sudhir Ruparelia of $18m.Crane Bank MD A.R-KalanCrane Bank MD A.R-Kalan

They continued to say that he was hiding in Lebanon. Below is the official statement released the bank’s management;

Our attention has been drawn to rumours surrounding the absence of its Managing Director Mr.A. R. Kalan from office. The rumours with a variety of flavours ranging from loss of USD 18 million, others Shs. 60 billion etc are baseless and unfounded. They should be ignored.Crane Bank owner Sudhir RupareliaCrane Bank owner Sudhir Ruparelia

Mr. Kalan is on leave with the approval of the Board of Directors.
On granting an extended leave the Board appointed one of its Executive Directors Mr. P. K. Gupta, a seasoned Banker, as the acting Managing Director.

The Board is pleased to announce that in compliance with the requisite regulations governing Financial Institutions , Mr. P. K. Gupta is the Acting Managing Director until further notice.
We appreciate the ever growing support of the Bank`s clientele all over the country as the spread of the branch network continues .
Thank you
J. N. Biribonwa
Chairman , Board of Directors

Crane-bank

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