EXCLUSIVE: A growing feud between two of the leading private universities in Uganda Victoria University owned by businessman Sudhir Ruparelia and ISBAT University owned by businessman Varghese Mundamattam is gaining momentum with the help of Aga Khan Group funding, the DailyExpress has exclusively learnt.
In an exclusive investigation run by this website, it has since been revealed that ISBAT University using cheap credit from Diamond Trust Bank (DTB), a bank owned by the Aga Khan Group has been able to mount a healthy competition with Sudhir’s Victoria University. It is also understood that without DTB’s financing Mundamattam wouldn’t have been able to do things that many of ISBAT’s competitors like Victoria University can only fantasize about.
Trusted sources close to the ISBAT University told this website that, ‘the executives at DTB and Aga Khan Development Foundation (AKDF) saw an opportunity to engender their proxy wars Sudhir Ruparelia who has been tormenting and dwarfing them on many other fronts.
Agha Khan and Sudhir Ruparelia as competitors make up much of Uganda’s economy; both possess notable investments in almost all sectors of the country.
Before its closure by the Bank of Uganda, Sudhir’s financial institution – The Crane Bank competed with Agha Khan’s DTB, Victoria University competes with Agha Khan University, Sanyu FM competes with KFM, and both entrepreneurs have hotels competing among other business interests were the two faceoffs.
Ownership Of Nakasero-based Plot 80
Dr. Sudhir Ruparelia historically had sharp differences with the globally very influential and powerful Aga Khan Development Foundation (AKDF). Sudhir Ruparelia has been battling the influential members of the AKDF family over the proprietorship of Nakasero-based Plot 80.
The prime plot, measuring over an acre is located between Rwenzori Towers and Faze2 in the Nakasero State Lodge neighborhood. Whereas documents certified by the Lands Ministry showed that the land belongs to a very influential member of the AKDF official based in Canada, Sudhir’s Meera Investments somehow acquired an interest in it. Sudhir’s company took the matter to court.
After years of battling in court with no conclusion, consequently, peace talks were attempted but the meeting ended in chaos and the AKDF officials openly cursed Sudhir as the meeting dispersed. They prophesied doom predicting his poor economic ending if he didn’t back off their member’s property.
“We are told because of this and other money and property wrangles, the members of the very powerful AKDF network at some point considered globally decampaigning Sudhir which some people saw come to fruition when his Crane Bank delayed finding a suitable credible investor to acquire shares in it to prevent BoU from closing it down,” our corps revealed further.
Former CMI Land
Our investigations have also revealed that beyond the Nakasero Plot 80, Sudhir has had other business rivalries with the powerful AKDF network.
“The first fallout resulted from the former CMI land at the Mulago roundabout which government bureaucrats leased to Sudhir. This was years after the President had secretly entertained a proposal by the AKDF group to set up Aga Khan teaching hospital meant to be like the branch for Aga Khan Hospital in Nairobi where many wealthy Ugandans fly for specialized treatment.”
Crane Bank vs DTB
The Agha Khan Group also accuses Sudhir Ruparelia of conducting banking business in a manner that deliberately prejudiced their Diamond Trust Bank which closely competed with his Crane Bank.
“Because of his ability to gratify and win over many people who mattered in targeted institutions, Sudhir always had his Crane deeply outsmart the hapless Indians managing DTB,”
Interests In Education
Sudhir’s decision to go into education investments a few years ago was clearly interpreted as an attack on the financial interests of the Aga Khan Group.
“It eliminated doubts that were still lingering in the heads of the few progressive officials in the Aga Khan Group and they all concluded this man was out to dwarf them. They had for long monopolized the provision of high-quality international curriculum education in Uganda which Sudhir challenged and they reacted by taking things personal.” said reliable sources.
Challenging Agha Khan
Sudhir Ruparelia expansion into sectors that have been dominated by the Agha Khana Group was looked at by the Agha Khan team as a deliberate, direct, and targeted competition.
“He [Sudhir] is challenging them in every area of investment except energy and Museveni trusts the Aga Khan Group the way he trusts Sudhir whose declaration by the Forbes Magazine as the richest man in East Africa also unsettled many in the Aga Khan Group. They saw it as an insult to His Highness Aga Khan who has deliberately been investing not just in Uganda but in the whole of the East African region,” a source told this website.
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