Bank of Uganda places Crane Bank Ltd under liquidation and orders winding up

Bank of Uganda issued a public notice placing Crane Bank Ltd, under receivership since 2017, into liquidation under the Financial Institutions Act, with the central bank acting as liquidator. According to The Independent, the notice signed by Governor Emmanuel Tumusiime-Mutebile directs borrowers whose loans were not transferred to DFCU Bank to pay into Bank of Uganda collection accounts and says creditors will be told how to present claims. The article notes that a 2019 parliamentary COSASE report had described the bank's closure as illegal.