The Ugandan government has started returning some assets to Libya’s new government, according to the Wall Street Journal citing Ugandan officials.
These assets, which are worth a reported US$375m, were frozen in compliance with UN Security Council…
The Ugandan government has started returning some assets to Libya’s new government, according to the Wall Street Journal citing Ugandan officials.
These assets, which are worth a reported US$375m, were frozen in compliance with UN Security Council sanctions against the regime of Muammar Gaddafi.
So far, Tropical Bank Uganda has reportedly already been handed over to Libya and it is expected that other assets, including Uganda Telecom (UTL), will follow suit.
Uganda Telecom is 69%-owned by Libyan investment vehicle LAP Green and the remaining 31% by the Ugandan government.
In an email to TelecomFinance, a spokesperson for Uganda Telecom explained that 69% of the company’s shares are currently held in a trust by Uganda’s government in compliance with the UN sanctions.
“Once the sanctions are lifted, there will be no freeze on the assets and [LAP Green] can continue its role as a shareholder in the company.”
