More trouble for Bank of Uganda as Greenland bank sues it
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
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.