Investment Firms, Bank Directors Fight $211M Fraud Suit

By Bonnie Eslinger (November 15, 2021, 5:19 PM GMT) -- Two investment companies and the directors of a Ugandan bank have pushed back against a $211 million lawsuit that alleges they were part of a conspiracy involving government officials that resulted in a rival lender being placed into receivership.

Arise, an African investment company founded by Norfinance AS — a joint venture investment company between Norfund and Norwegian private investors — hit back against the fraud litigation in defenses filed with the High Court on Nov. 9. The suit also targets DFCU Bank Ltd. and four of its directors.

The litigation stems from the sale of claimant Crane Bank Ltd. to DFCU...

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