×
  • HOME
  • NEWS
  • ENTERTAINMENT
  • HOT 100
  • SOCIAL
  • FEATURED
  • ×
    close
    profile photo
    National

    Lands Ministry Cancels dfcu Bank's Titles in Meera Investments Property Scandal

    674 views
    Lands Ministry Cancels dfcu Bank's Titles in Meera Investments Property Scandal
    • November 11, 2023 • 1 year ago

    The aftermath of a 24th October 2023 High Court ruling has prompted the Lands Ministry to cancel all land titles held by dfcu Bank, following allegations of the illegal transfer of 48 properties belonging to Meera Investments. This dispute arose after dfcu Bank acquired assets from tycoon Sudhir Ruparelia's Crane Bank in January 2017.

    The High Court ruling deemed dfcu Bank's actions as illegal, stating that the bank had wrongly transferred the properties to itself after taking over Crane Bank. Meera Investments, a real estate property development firm, owned the contested properties, and it was revealed that Crane Bank had been renting from them.

    In response to the court ruling, the Lands Ministry has instructed dfcu Bank to hand over the copies of the titles that were handed to them by the Bank of Uganda (BOU) within seven days. The Commissioner of Lands, in a letter dated November 8, emphasized the need for rectification and the return of titles to the rightful owner, Meera Investments.

    Justice Tadeo Asiimwe of the High Court- Land Division had not only ordered dfcu Bank to rectify the situation but also directed them to pay Meera Investments Shs2.4 billion in damages with 8% interest per year for trespassing on the property. The Lands Commissioner clarified the implementation of the court decree, stating that the ministry had canceled the leases and entries on the register and white pages of dfcu Bank as the proprietor of the 48 leasehold properties.

    “The purpose hereof is, therefore, to request that, since the leasehold titles have been canceled, thereby rendering the 48 duplicate certificates of title in your possession legally inconsequential, the same should be returned to this office to avoid any possible misuse thereof. Kindly do so within seven days from the date of receipt of this letter.” The letter to dfcu Bank from the Lands Commissioner reads. 

    This development adds another layer to the legal battle surrounding the acquisition of Crane Bank assets and brings attention to the complexity of property disputes in Uganda's financial sector. The cancellation of titles underscores the gravity of the court's ruling and signals a significant setback for dfcu Bank in its handling of the acquired assets.

    Leave a Comment below about this story


    In other related News

    Government seeks funding to bridge USAID Aid gap, releases UGX 163 Billion for Schools
    Government seeks funding to bridge USAID Aid gap, releases UGX 163 Billion for Schools
    ...
    Gabon junta faces three others candidates in presidential election
    Gabon junta faces three others candidates in presidential election
    ...
    Police patrols to go electric to combat climate change
    Police patrols to go electric to combat climate change
    ...
    We Are Deliberate At Empowering Women, President Museveni Assures Ugandans
    We Are Deliberate At Empowering Women, President Museveni Assures Ugandans
    ...
    Womens Day in Style: Beefeater Cocktail Celebrates Female Excellence
    Womens Day in Style: Beefeater Cocktail Celebrates Female Excellence
    ...
    Security excesses in Kawempe North by-elections condemned
    Security excesses in Kawempe North by-elections condemned
    ...
    Related Posts
    We Are Deliberate At Empowering Women, President Museveni Assures Ugandans
    We Are Deliberate At Empowering Women, President Museveni Assures Ugandans
    3 days ago
    Gabon junta faces three others candidates in presidential election
    Gabon junta faces three others candidates in presidential election
    3 days ago

     

    Today's Hot Stories
    1
    The Role of Storytelling in Preserving Ugandan Heritage
    The Role of Storytelling in Preserving Ugandan Heritage
    Featured
    2
    The Role Of Artificial Intelligence In Computer Engineering.
    The Role Of Artificial Intelligence In Computer Engineering.
    Featured
    3
    UNEB outs 2023 S6 RESULTS: Record Pass Rate Achieved, Many Qualify for University
    UNEB outs 2023 S6 RESULTS: Record Pass Rate Achieved, Many Qualify for University
    National
    4
    Gabon junta faces three others candidates in presidential election
    Gabon junta faces three others candidates in presidential election
    International
    5
    Douglas sends Pictorial message to the president
    Douglas sends Pictorial message to the president
    Entertainment
    6
    Challenges Encountered With The Use Of Learning Management Systems (Lms).
    Challenges Encountered With The Use Of Learning Management Systems (Lms).
    Featured
    7
    Minister clarifies on UNEB
    Minister clarifies on UNEB's new curriculum grading for Ordinary Level
    Featured
    8
    Government seeks funding to bridge USAID Aid gap, releases UGX 163 Billion for Schools
    Government seeks funding to bridge USAID Aid gap, releases UGX 163 Billion for Schools
    National
    9
    WHO IS OBED LUTALE? - The less-Known Man arrested with Dr. Besigye?
    WHO IS OBED LUTALE? - The less-Known Man arrested with Dr. Besigye?
    National
    10
    Minister Balaam supports General Muhoozi
    Minister Balaam supports General Muhoozi's resolve to save Haiti from gang violence.
    Politics
    Listen to Music on Nowviba