BREAKING NEWS – LAKE VICTORIA HOTEL ‘SEIZED’ TOO
The Laico owned and operated Lake Victoria Hotel in Entebbe, once the grand old dame of the hospitality industry in Entebbe, was according to breaking news just received also seized yesterday late in the day, when the Libyan appointed managers were told to hand over to a Ugandan senior manager who was made Acting General Manager until further notice.
In related developments board seats too appear to have been ‘frozen’ while the Ugandan government has taken ‘custody’ of the Libyan owned shares in the company, expanding the UN sanctions and asset freeze orders into the hospitality sector too.
Contrary to a flurry of rumours the hotel has NOT closed down nor have operations been affected, although creditors will undoubtedly be very anxious to be paid their outstanding bills in time and are not likely to extend further credit until the situation is fully ‘clarified’.
The management of the hotel then declined to answer phone queries but one staff did mention under condition of strict anonymity that the relieved general manager was overheard to refer callers to the Libyan Embassy for information before vacating the premises.
Find the latest information on this developing and very fluid situation here, where breaking news updates are posted.
