UK – The English High Court has ordered Ugandan businessman Sudhir Ruparelia to provide a personal undertaking and guarantee to dfcu Limited, in relation to a claim filed by Crane Bank Limited (CBL) and its shareholders.
The court’s decision, made on an interim application for security costs, requires Ruparelia to personally guarantee payment of costs if dfcu successfully defends the claim at trial.
dfcu had sought security for its costs, citing CBL’s insufficient assets to cover them. While the court did not order CBL to provide security, it held Ruparelia, as a shareholder and party to the claim, liable for costs.
The High Court emphasized that its ruling does not prejudge the merits of the claim. dfcu has consistently maintained that the claim is without merit and will continue to vigorously defend itself.
The bank reassured stakeholders that it remains strong, well-capitalized, and committed to delivering value to shareholders and quality service to customers.
This development is the latest twist in the long-standing dispute between dfcu and CBL, which has been ongoing since Crane Bank’s sale to dfcu in 2017.
