Crane Bank Ltd & others (claimants/appellants) v DFCU Bank Ltd & others (defendants/respondents)
Monday 3 – Wednesday 5 April 2023
Appeal against the Order of HHJ Pelling KC (19/10/22) that declared that the Court had no jurisdiction to try the Claim against the First, Second, Third, Fourth and Fifth Defendants.
Crane Bank Limited (“CBL”) was, until 2016, one of Uganda’s largest commercial banks. It was regulated by Uganda’s central bank, the Bank of Uganda (“BoU”).
In 2016-2017, the BoU, in exercise of its statutory and regulatory powers, took over management of CBL, then closed it and sold off some of its assets and liabilities to the 1st defendant. The claimants (CBL and some of its shareholders) contend that this sale, together with various side agreements, was a sale of CBL’s assets and liabilities at a “gross” undervalue in furtherance of a corrupt scheme carried into effect by the BoU using its statutory and regulatory powers.
In these proceedings, the claimants allege against the defendants both that they participated in an unlawful means conspiracy and provided dishonest assistance in breach of trust and/or of fiduciary duty. In addition, the claimants allege unconscionable receipt against the 1st defendant. The claims are quantified at over £170m. The claimants accept that their claims are all governed by Ugandan law.
View hearing:
Day 2
Day 3