Libyan investment vehicle Lap GreenN has regained control over its Ugandan unit, Uganda Telecom (UTL).
Lap Green said its directors have resumed management control responsibilities.
Assets owned by the Libyan state were frozen previously in line with…
Libyan investment vehicle Lap GreenN has regained control over its Ugandan unit, Uganda Telecom (UTL).
Lap Green said its directors have resumed management control responsibilities.
Assets owned by the Libyan state were frozen previously in line with UN Security Council sanctions against the regime of Muammar Gaddafi.
Commenting on the development Wafik Al-Shater, LAP GreenN’s chairman, said:
“Our reinstatement in UTL represents yet another step forward for LAP GreenN in the restoration of all our legitimate fixed and mobile telecoms assets across Africa. Over the past few months, LAP GreenN has been assessing the various operations and has developed a good understanding of what the requirements are going forward in the restoration of its assets across Africa. In addition to Uganda we are driving positive change in Ivory Coast (Oricel) and South Sudan (Gemtel).”
Lap GreenN’s subsidiary UCOM, through its US$200m investment, controls 69% of UTL.
