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The Lands Ministry has revoked all of the aforementioned property titles in response to a High Court ruling on October 24, 2023, which found that DFCU Bank had illegally transferred 48 properties belonging to Meera Investments to itself after purchasing billionaire Sudhir Ruparelia's Crane Bank. Consequently, BOU has asked DFCU to return the copies of the titles that they were given.
According to BOU, the regulator, DFCU Bank acquired the assets of Crane Bank for 200 billion shillings in January 2017 due to their undercapitalization.
It was found that Crane Bank Limited (CBL) was only renting from Meera Investments, a real estate development company that provides residential and commercial construction services, after DFCU gained control of the buildings that CBL was meant to own.
The Commissioner of Lands, in a letter dated November 8, asked DFCU to submit the titles for rectification to his office within 7 days so that they may be ready to be returned to the owner.
High Court Land Division Justice Tadeo Asiimwe also mandated that DFCU Bank reimburse Meera Investments Shs2.4 billion in trespassing on property fines, along with 8% annual interest, in a ruling that was made public last month.
"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 wrote to DFCU.
This office proceeded and implemented the Court's decree to the extent of the orders made for its implementation by correcting 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 of Meera Investments Limited, given the self-executing nature of the Court's orders and to prevent potential contempt proceedings.
"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." The message asks, "Please respond within seven days of receipt of this letter."