LIBYAN ASSETS IN UGANDA TO BE FROZEN AFTER ALL
Uganda has late yesterday confirmed that in compliance with relevant UN resolutions the assets of Col. Gadaffi, his close cronies and in fact of Libya herself in the country will be frozen. It was also confirmed that Uganda’s Ambassador to the UN has formally asked for guidance on the February 26th resolution of how to implement the asset freeze, and to clarify on a range of points in regard of ownership and affected persons.
The issue was raised here on the day after the asset freeze resolution was passed in New York by the UN, but subsequent statements here in Kampala, by companies very likely affected by the freeze and by various governmental sources initially refused to accept the possibility, now having a rude and belated awakening. It is thought likely that board seats in companies affected and held by Gadaffi appointees, may be victim too of the asset freeze so as to remove any form of control over these assets, many of which have been flaunted as ‘Gadaffi’s own’ yet should for all purposes be property of the Libyan people.
How this will affect operations of the Libyan investments here in Uganda, like Laico Hotels’ Lake Victoria Hotel in Entebbe, Uganda Telecom, Tropical Bank, National Housing and a range of other commercial investments, is presently unclear and time will tell how these enterprises will conduct business once the formal freeze notice has been affected on them.
Laico also has the Grand Regency in Nairobi in its portfolio, a hotel in Kigali and several more across sub-Saharan Africa and it remains to be seen how those will be affected when the respective national governments act on the UN’s directives.
Watch this space.