Kampala High court Judge Musa Sekana has dismissed a case filed by Jafery Forex Bureau Limited against Bank of Uganda in which the Forex bureau had sought 9.5 billion from BOU for allegedly revoking its license illegally.
While dismissing the said case, Justice Sekana ruled that the Forex bureau filed the case unlawfully and out of the stipulated time.
Justice Sekana has observed that Forex bureau filed the said case in July 2019 when their foreign exchange and money remittance license was cancelled on the 10th of May 2016
On the 16th of July 2019, Jaffery Forex bureau through their lawyers of Kinobe Mutyaba Advocates dragged Bank of Uganda to the high court civil division after BOU accused the Forex bureau of flouting regulations that govern foreign exchange and money remittance business in Uganda.
According to an affidavit sworn in by the Forex bureau's director Asim Morbi, the said bureau had been operating legally dealing in legal businesses since 1997 when it was formulated until when BOU suddenly revoked their license.
The revocation followed after Bank of Africa accused the Forex bureau of engaging in illicit transactions in which the bank lost a lot of money despite police clearing the Forex bureau of any alleged illegal activities in October 2016.
These had sought court to declare the decision by BOU to revoke their license illegal, have their license reinstated,unfreeze their freezes bank accounts and award them 9.5 billion in both punitive and general damages.