Shareholders Bulk Up $211M Fraud Suit Over Ugandan Bank

By Silvia Martelli (May 3, 2022, 8:06 PM BST) -- Uganda's highest court has concluded that the country's central bank illegally put a local lender into liquidation, the bank's shareholders told an English court hearing its $211 million fraud claim over an alleged plot to sell its assets.

Uganda's Crane Bank Ltd. and half a dozen shareholders said in an amended particulars of claim filed at the High Court on April 20, and now made public, that the Supreme Court of Uganda ruled in October that the Bank of Uganda's efforts to put it into liquidation were illegal and in "manifestly bad faith."

The Supreme Court also granted temporary injunctions restraining...

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