Technology Associates: Sudhir has never Been Our Shareholder

Technology Associates has dismissed ongoing media reports, arising from a court case in which Bank of Uganda has Sudhir Ruparelia, a former Vice Chairman and shareholder of Crane Bank, alleging that the company was used to “siphon” money out of the bank through payments for non-existent supplies.

According to reports, Ruparelia paid $10.2m in 2013 to Technology Associates Group Limited; a company registered in Dubai and is related to Technology Associates Limited in Uganda for software purchases.

But the purchases, the reports show, were not delivered.

The property mogul, in the same reports, is said to have been “until 2014 the director and shareholder in Technology Associates.”

TA in a July 14 statement by Girisch Nair, Chairman TA, “categorically” pointed out that Mr Sudhir Ruparelia has never been a shareholder or director in the Technology Associates group or any of the subsidiaries in any country.

“Anyone doubting this can crosscheck our file at Uganda Registration Services Bureau (URSB),” the statement reads.

Nair however clarifies that they have previously worked with Crane Bank Management for over a period of 10 years.

“TA has been a technology vendor to Crane Bank for over a decade and has participated in building the bank’s mission-critical technology infrastructure that enabled them to establish an extensive retail banking footprint in the country,” Nair wrote in the statement.

The project in reference, the TA Chairman adds, is a 2013 delivery, installation and maintenance of a Temenos T24 core banking software as well as supporting Oracle database licenses, among other software.

“TA participated in an intensely competitive bidding process by the bank during its selection process and in partnership with the Temenos Africa business team, we demonstrated significant value to win the project in Q4 of 2013,” the statement further reads.

The latest development punches holes in the central bank’s submissions in the Commercial Court seeking payment of about Shs311bn allegedly siphoned out of Crane Bank by Sudhir.

Sudhir is yet to file his defence but it’s understood his lawyers are preparing a response.

The statement by TA, emphasizes that The Temenos core banking platform has been the best- selling solution on the market for 15 years and is used by over 600 financial institutions all over the world including 26 Banks in East Africa and 3 banks in Uganda.

Clarifying about the delivery of the purchases, Nair claimed: “this project was delivered within the shortest possible time for a project of this magnitude and on-cost and we can competently say, given our experience in the region- this was among the cheapest project implementations; for a bank of Crane Bank’s then size. “

In a suit filed by Bank of Uganda, Sudhir is accused of “fraudulently extracting” $94Million and Shs. 60billion from his own Crane Bank, leading its solvency and takeover by the BoU early this year.

Shareholders in TA

TA shows in statement that Technology Associates East Africa limited owns 49 percent shares in the company while Girisch Nair, a resident of Kampala has 51 percent.

Document showing shareholders in TA
Document showing shareholders in TA
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