Investment firms and bank managers fight $ 211 million fraud lawsuit


By Bonnie Eslinger (Nov 15, 2021, 5:19 p.m. GMT) – Two investment firms and directors of a Ugandan bank have pushed back a $ 211 million lawsuit that alleges they were part of a conspiracy involving representatives of the government which resulted in a rival lender being placed in receivership.

Arise, an African investment firm founded by Norfinance AS – a joint venture investment firm between Norfund and Norwegian private investors – has fought back against the litigation for fraud in defenses filed with the High Court on November 9. The lawsuit also targets DFCU Bank Ltd. and four of its directors.

The litigation arises from the sale of plaintiff Crane Bank Ltd. to DFCU …

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