Following a High Court finding on October 24, 2023, that DFCU Bank had unlawfully transferred to itself 48 properties belonging to Meera Investments after acquiring billionaire Sudhir Ruparelia's Crane Bank, the Lands Ministry has canceled all of the aforementioned property titles. As a consequence, DFCU has been requested to return the copies of the titles that BOU gave them.
Crane Bank's assets were purchased by DFCU Bank in January 2017 for 200 billion shillings because they were undercapitalized, as reported by the regulator, BOU.
After DFCU took over the buildings supposed to be owned by Crane Bank Limited (CBL), it was discovered that CBL was merely renting from Meera Investments, a real estate property development corporation that offers residential and commercial construction services.
In a letter dated November 8, the Commissioner of Lands requested that DFCU send over the titles for correction within 7 days so that his office could prepare to restore them to the owner.
In a verdict announced last month, High Court Land Division Justice Tadeo Asiimwe also ordered DFCU Bank to pay Meera Investments Shs2.4 billion in trespassing on property penalties plus 8% interest each year.
"You will recall that judgment in the above-captioned suit was entered in favor of the plaintiff, Meera Investments Limited, against DFCU Bank Limited and the Office of the Commissioner Land Registration," the Lands Commissioner informed DFCU in a letter.
"In view of the self-executing nature of the Court's orders and in order to avoid possible contempt proceedings, this office proceeded and implemented the Court's decree to the extent of the orders made for its implementation by rectifying the register and canceling the leases as encumbrances on the Mailo and Freehold certificates of title registered in the names of Meera Investments Limited, and further by canceling all the encumbrances on the Mailo and Freehold certificates of title registered in the names
"The purpose of this letter is therefore to request that, since the leasehold titles have been cancelled, the 48 duplicate certificates of title in your possession be returned to this office to avoid any possible misuse thereof." "Please respond within seven days of receipt of this letter," the letter requests.
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