Uganda’s Richest Man Demands $8.66 Million Rent Arrears From dfcu
Sudhir Ruparelia, Uganda’s richest man and the owner of Meera Investment Ltd, a renowned African property has filed a lawsuit against the Development Finance Company of Uganda Bank Limited (dfcu Bank) for $8.66 million in rent arrears.
Ruparelia is the chairman and founder of The Ruparelia Group, a group that specializes in education, real estate development and management, hotels, resorts, floriculture, and broadcasting. He has a networth of $1.1 billion net worth in 2012.
The lawsuit is a demand for the rent arrears due to a breach of the tenancy agreement, of the properties at plots 38 and 40A Kampala Road.
The property at Plot 38 Kampala Road was the headquarters and main branch of the inoperative Crane Bank.
In the lawsuit, the developer demands the bank to pay the rent owing to being the successor in title to Crane Bank Limited (now in receivership) as a tenant on the premises.
Sudhir Ruparelia has stated that during the execution of the tenancy agreement in December 2014, Meera was a separate legal entity from Crane Bank Ltd.
The ongoing trial is being presided over by Stephen Mubiru, in the Commercial Court.
Ruparelia, who was one of the shareholders of defunct Crane Bank, says the rent is in respect of the floors occupied by dfcu, and that the tenancy agreement between Meera and Crane Bank Limited, which is scheduled to expire on March 31, 2024, has no clause for the termination in the contract.
He said the agreement was a fixed tenancy for 10 years for six floors, which binds the successor, dfcu, which continued occupying the premises. Also, the rentals were not an excluded liability.
Under the leadership of Sudhir Ruparelia, Meera Investments has become one of the biggest landlords and the leading property developers in the East African region. The company focuses on effective and efficient solutions in all aspects of property development from design to finish, to achieve maximum usage and productivity.
The company has built a reputation with its innovative ideas in real estate, particularly in property development and construction, throughout Kampala, Uganda.
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