Uganda: Tycoon Sudhir’s Forex Bureaus Closed.

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According to the statement published in Ugandan media   Bank of Uganda has halted operations of four forex bureaus owned by businessman Sudhir Ruparelia.

The forex bureaus, including Crane Forex Bureau Limited, one of the oldest in Kampala,Crane Forex Bureau located on Kampal road, Karibu Forex Bureau,and  Redfox Bureau  were ruled out of business after their application for new licenses was denied on grounds of lack of ‘fitness and probity”

Bank of Uganda governor Emmanuel Tumusiime-Mutebile   said licenses issued to the affected bureaus expired on December 31, 2016 and were not renewed.

“The above named Forex Bureaus are not permitted to transact any business prescribed under the Foreign Exchange Act 2004. The public is warned that whoever deals with these forex bureaus, their proprietors or directors in relation to foreign exchange or money remittance business does so at his or her own risk,” Mr Mutebile told The Daily Monitor newspaper

The closer of the forex bureaus comes a few Months after his Crane Bank was taken over by DFCU bank  it was placed under  receivership after it failed  to work per the rules and regulations under which Banks operate in Uganda.

However the some other sources told this news website that the license where not renewed after it was realized that the same Management that took Crane bank to the ground was at the helm of  the Forex business  management

which makes the Forex bureaus fail the fitness and probity test which requires  that the directors of the forex bureaus in question are not under any investigation or have not prevailed over a bank that was sent into receivership.

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