UK project finance company fights $211m lawsuit from Ugandan bank

By Lucia Osborne-Crowley (November 3, 2021, 12:54 GMT) – A government-backed investment firm and two Ugandan bank executives have hit back at a $211 million fraud lawsuit, saying they had no knowledge of an alleged plot to sell the assets of a rival bank for a pittance.

CDC Group PLC, which finances projects in developing countries and is owned by the British government, told the High Court in a defense filed on Friday that it was not responsible for an alleged plan to sell the Ugandan lender’s assets Crane Bank Ltd. for less than they were worth.

CDC argued that it was refusing to consent to the transaction at the heart…

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