More trouble for Bank of Uganda as Greenland bank sues it

Date: 2022-03-08
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By Nabirye Edith

Greenland bank shareholders have dragged Bank of Uganda to court over delayed liquidation process of their bank.

                         

The 27 shareholders led by Sulaiman Kaweesi have petitioned high court commercial division asserting that the central and has taken a very long period of now 21years without concluding the liquidation process.

 

Greenland bank then owned by the late. Sulaiman Kiggundu was incorporated on August 3rd, 1990 until April 1, 1999 when Bank of Uganda closed it and placed it under liquidation until to date.

 

The petitioners are seeking a declaration that the continued liquidation of Greenland bank for more than 21 years without accountability to the plaintiffs is irregular, unreasonable and in bad faith.

They also want a declaration that the entire process of liquidation of Greenland bank is marred by massive fraudulent acts committed by the officials of the bank of Uganda.

 

They further want court to order bank of Uganda to render true account of the management of the properties that belonged to the companies, associated with the bank at the time of closure.

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