The Lands Ministry has nullified 48 land titles, following a High Court ruling on October 24, 2023. The court found that dfcu Bank had unlawfully transferred these properties to itself, originally owned by Meera Investments. The controversy stems from dfcu Bank’s acquisition of Crane Bank assets, previously owned by tycoon Sudhir Ruparelia, in January 2017, valued at 200 billion shillings due to alleged undercapitalization as declared by the regulator, Bank of Uganda (BOU).
Upon assuming control of what was believed to be Crane Bank Limited’s (CBL) properties, it was revealed that CBL had been leasing these assets from Meera Investments, a real estate development firm specializing in residential and commercial construction services.
The Lands Ministry, in a letter dated November 8, directed dfcu Bank to surrender the titles within seven days for rectification. The purpose is to facilitate the return of these titles to Meera Investments, the rightful owner of the properties. This action follows the court’s directive and aims to rectify the register, cancel leases as encumbrances on Mailo and Freehold certificates registered under Meera Investments Limited, and erase entries on DFCU Bank Limited’s register and white pages as the proprietor of the 48 leasehold properties.
High Court- Land Division Justice Tadeo Asiimwe, in a ruling issued last month, ordered dfcu Bank to compensate Meera Investments with Shs2.4 billion in damages, along with an 8% annual interest rate for trespassing on the property. The Lands Commissioner, in a letter to dfcu Bank, emphasized the self-executing nature of the court orders, leading to the rectification of the register and the cancellation of leases and entries pertaining to DFCU Bank Limited.
