The takeover of Crane Bank by Bank of Uganda

The Democratic Party believes that the taking over of Crane Bank by the Bank of Uganda last week shouldn’t merely be looked at on the face of the sole reason for the action put forward by the Bank of Uganda as being under capitalized.
The Party is convinced that there must be thorough investigations into what particularly caused the collapsing of the third ranked bank in the Country. There is an insider job to the issue that the Bank which has been making huge profits is collapsing.

Crane Bank is still very safe
Crane Bank

This bank is very critical in our economy and the security of many Ugandans who have accounts in this bank in effect is too important. The fact that one of the proprietors Mr. Sudhir Ruparelia admits that there are mafias collapsing this bank raise questions about the way the economy is being managed.

The Bank of Uganda must come out with a report explaining how crane bank ends up collapsing and if there are fraudulent deals responsible for the mess should be brought to light and culprits castigated and prosecuted. It is unacceptable to have banks operating as conduits for fraudsters. This is not a mafia state.

Kakande Kenneth Paul
Publicity Secretary

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