Counsel Jeff Apuuli 🇺🇬

The worst thing to ever happen to DFCU was its acquisition of Crane Bank. Sudhir has really given them a run for their money. Their legal costs are in region of UGX 50B, and account for more than 50% of their operating costs. That alone made them issue a profit-warning statement earlier this year. Unprecedented. Best case scenario, they win the case and recoup the expenses through costs. Worst case? They incur more costs and have to pay damages to Sudhir. Have to give to Sudhir's legal team. After realizing they had exhausted all legal options in Uganda. They filed the case in the UK on the premise that the Bank's were residents of the UK. The legal costs are choking DFCU to the extent that they reached out to BOU to cover part of the expenses, arguing that they were part of the "Crane Bank mess." Guess what, BOU simply said (and I can't fault them) the matter was conclusively resolved by the Supreme Court and that there's no premise for them to pay the costs currently incurred by DFCU. Anyways, whichever way this case turns out, it will have big impact on Uganda's banking sector, both legally and economically.