Uganda freezes Libyan investments
* Article
* Comments (2)
email Email
print Print
pdfSave
separation
increase
decrease
separation
separation
*
*
*
*
March 30, 2011 (KAMPALA) – The government of Uganda has announced it
is taking control of Uganda Telecom Limited (UTL), a mobile telephone
company, where Libya holds 69%, information minister announces on
Tuesday. Uganda move is in accordance to the UN sanctions against
Libyan assets, following North African country’s violent reaction to
protests against the government.
The Bank of Uganda also dismissed Libyan Foreign Bank officials last
week and seized control of Tropical Bank. The Libyan Foreign Bank owns
99.7% of Tropical Bank in Uganda.
Libya and Uganda had strong ties until recently when UN Security
Council (UNSC) sanctioned the North African country following weeks of
violence clashes between pro-democracy protesters and President
Muammar Gaddafi’s forces.
The UN vote has also resulted in military intervention in Libya, as a
mean to force Gadhaffi out of power after 42 years. The US, UK and
France say they have established a no-fly zone over the country and
have bombed the Libyan army. NATO is due to take over the mission,
which has been backed by the Arab League but not the African Union.
The move to take control of UTL in Uganda, according to authorities,
is to make monitoring transactions easier.
“We have to monitor all the transactions … and decision,” said Agrey
Awori, the Uganda’s information, Communication and Technology
minister.
Uganda’s decision to freeze Libya assets aims at disconnecting Gaddafi
with Libya Africa Investment, the umbrella under which assets in
Uganda fall.
(ST)
--
You received this message because you are subscribed to the Google Groups "JFD
info" group.
To post to this group, send email to [email protected].
To unsubscribe from this group, send email to
[email protected].
For more options, visit this group at
http://groups.google.com/group/jfdinfo?hl=en.
