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Libya Moves to Repossess Seized Ugandan Assets, Monitor Reports
TRIPOLI (Capital Markets in Africa) – Libya’s government is seeking to repossess telecommunication, hotel, banking and oil assets worth $375 million that were seized by Uganda after the ouster of the North African nation’s former ruler, Moammar Qadaffi, the Daily Monitor reported.
A Libyan delegation traveled to the East African country this week to deliver a letter to Ugandan President Yoweri Museveni, the Kampala-based newspaper said, citing Investment Minister Evelyn Anite. The Ugandan government has no objection to handing over the assets if the Libyan government provides the necessary funding to some of the companies, it said.
Libya’s government owns stakes in Uganda Telecom Ltd., Uganda National Housing & Construction Corp., Lake Victoria Hotel, OiLibya and Tamoil East Africa Ltd., the paper said. Uganda took over some of the companies after Libyan nationals left the country following Qadaffi’s death in 2011, it said.
Uganda has since halted the privatization of UTL and wants Libya to pay 200 billion shillings ($54 million) for its shareholding in the telecommunication company, the paper said.
Source: Bloomberg Business News