Kampala, Uganda | English High Court has dismissed an application by Crane Bank Limited (CBL) seeking to exclude a forensic report by PricewaterhouseCoopers (PwC) from proceedings in a case filed against dfcu Bank, marking a significant legal victory for dfcu.
The ruling, delivered by Justice Paul Stanley, also directed prominent Ugandan businessman Sudhir Ruparelia to surrender his mobile phone for forensic examination, and instructed his daughter, Sheena Ruparelia, to disclose relevant materials from her private email account.
The case arises from the disputed 2017 acquisition of Crane Bank by dfcu Bank after the Bank of Uganda (BoU) placed CBL under receivership, citing insolvency and gross mismanagement.
Crane Bank’s legal team had sought to bar the use of audit reports produced by PwC Uganda, arguing that the firm was not part of the global PwC network and that the reports were inadmissible as evidence of primary facts.
However, the Court rejected both claims, affirming that the reports were legitimate and could be relied upon in the ongoing proceedings.
Justice Stanley stated that the audit, spanning over 150 pages and covering conduct dating back to the early 2000s, raised serious concerns about the management of Crane Bank.
He said the report pointed to the creation of deliberately misleading financial statements, concealment of the true identities of shareholders, improper diversion of bank funds, and insider transactions that violated governance principles.
The judge observed that, if verified, the findings revealed practices that were fundamentally inconsistent with the standards any sensible regulator would expect from a strategically important bank.
In a related move, the Court ordered Sudhir Ruparelia to hand over his mobile phone to enable an expert review of potentially relevant documents that could influence the case.
Additionally, Sheena Ruparelia was instructed to make available any pertinent communications from her personal email account.
These directives form part of the Court’s broader push for full disclosure and transparency in the complex cross-border financial litigation.
dfcu Bank has consistently denied any wrongdoing in its acquisition of Crane Bank and welcomed the Court’s decision.
In a statement, the bank reiterated that it regarded the claims brought against it as baseless.
It emphasized that its actions during the acquisition process were lawful and affirmed its continued commitment to international standards of governance and ethical conduct.
The case continues in the English High Court, with both parties expected to present further evidence as the proceedings advance.