The report further concludes, that shudir, his daughter Sheene and other shareholders in Meera investment limited should appear before anti-corruption court and face charges of corruption and causing financial loss to the bank.
Another shocking report has revealed how city Tycoon Sudhir Ruparelia the former owner of closed Crane Bank connived with his daughter sheene and stole Crane Bank shs 700bn in the transfer of Branch Ownership, we have exclusively established.
This website recently revealed how Sudhir robbed Crane Bank shs 200bn in inflated land costs.
According to the exclusive report which, we got a copy indicates that on 25th September 2012, Crane Bank resolved to transfer the free hold and Mailo land ownership to of land To Meera Investments Limited an entity that is fully owned by Ruparelia Family. Meera investments limited is run and managed by Sheene the Daughter to Sudhir Ruparelia.
In the report, it is therefore indicated that Crane Bank later sold land and branches to Meera Investments at the cost of shs 100m each regardless of its size and location. Interestingly after Crane Bank sold to Meera Investments, Meera again leased all the plots and branches to again to Crane Bank for initially 25 years at a premium of shs 100m each regardless of size and location.
The report further claims that in addition to shs 100m Premium, Meera Investments Limited would be paid USD 6000 around shs 21m per year as ground rent from each branch. “This amount is significantly higher that what other various bodies, including Kampala charges as ground rent. This rent was to be reviewed every after three years,” reads part of the report.
The report states that Sudhir through Crane Bank paid USD 288000 totaling shs 1.8bn annually to his daughter Sheene through Meera Investments Limited as ground rent.
However spyreports has exclusively established from the report that 28 branches that Crane Bank transferred and sold to Meera Investments Limited were initially leasehold Properties. “It was not fair for Crane Bank to spend a lot of billions of money and time to convert Mailo land into freehold land and later transfer them to Meera Investments Limited,” adds the report.
“Crane Bank could have requested for the extension of lease from local Government bodies without having to resort to Meera Investments to pay high significant ground rent,” indicates in the report. The report says interposing Meera Investments Limited to ownership of land was unnecessary indulgence of Crane Bank for Ruparelia’s own personal gains.
The intensive report further states that the procedures used to create new leases were legally flawed for not matching to the requirements of the Registration of Titles. “The branches located in the transferred land were bought, built and fitted out with Crane Bank Money and therefore the beneficially belongs to the Bank not Meera Investments Limited,” reads the report.
The report further details that Meera Investments Limited being a non-citizen should not have bought land in Uganda but acquire lease for a maximum of 99 years. This is in accordance with the laws prescribed by Parliament s.40 of the land act, Cap 226 of 1965.
“Consequently, it would appear that Sudhir’s decision to transfer bank free hold titles to Meera Investment Limited was not motivated by business usefulness reasons, it was unnecessary ,it added no value to the bank and resulted to significantly higher annual ground rent costs,” report pins Sudhir.
It is therefore advised in the report that caveats ought to be put on freehold titles that Sudhir transferred to Meera Investments Limited and legal action should be commenced against Meera Investments Limited for recovery of land account fraud.