Bank handed back, UTL still uncertain

Uganda has ceded control of tropical Bank back to its Libyan owners, but control over Libyan-owned telco UTL remains uncertain.

Ugandan authorities took control of over USD375 million in Libyan-owned assets in Uganda last year, in line with a UN Security Council resolution on the freezing of Libyan assets.

This week, the Bank of Uganda handed back control of Tropical Bank to the Libyan Foreign Bank, which owns the majority share in the Bank.  

Other Libyan-owned assets will also be returned, said Uganda’s Foreign Affairs Ministry.

However, no further information has been released on the future of Uganda Telecom Limited (UTL), in which Libya also holds a majority share. The Libyan government owns 69% of UTL through its investment arm, Libya Africa Investment Portfolio (LAP Green Network).

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