dfcu Limited (“dfcu”) is pleased to inform its shareholders and the public that in the case brought by Crane Bank Limited (CBL) and some of its shareholders, the English High Court has dismissed with costs the claims against dfcu, its subsidiary, dfcu Bank and Ugandan directors jointly sued in this case, for lack of jurisdiction.
As advised in the public announcement of 12th August 2021, the case related to the transaction in which dfcu Bank acquired some assets and assumed liabilities of CBL in 2017.
dfcu successfully challenged the jurisdiction of the English High Court, which found that when exercising its powers in relation to CBL, Bank of Uganda was performing its regulatory function under the laws of Uganda, whose validity the English High Court had no authority to inquire into.
dfcu is pleased with this ruling and has always maintained that the claim should not have been brought in the first place. dfcu has always ascribed to ethical standards of global best practice.
Click here to download the announcement.
By Order of the Board