Uganda’s central bank took control of Libyan-owned Tropical Bank Ltd. to protect it from United Nations sanctions against the North African country, Bank of Uganda Governor Emmanuel Tumusiime-Mutebile said.
The central bank sacked the board and managers appointed by Libyan Arab Foreign Bank to ensure the lender is “fully independent of the Libyan government,” Tumusiime-Mutebile said in a statement handed to reporters today in the capital, Kampala.
The UN imposed sanctions on Libya last month in an effort to halt attacks by Libyan leader Muammar Qaddafi’s regime on protesters. Uganda’s government has frozen $375 million worth of Libyan-owned assets to comply with the UN action, the Kampala- based Daily Monitor newspaper reported today, citing the Foreign Ministry.
The measures taken by the central bank were “to ensure that Tropical Bank can continue to operate normally as a commercial bank in Uganda,” Tumusiime-Mutebile said. “Tropical Bank is in a sound financial condition and will continue with its normal business operations.”
more
Printer-friendly format
Email this thread to a friend
Bookmark this thread
(1000+ posts)
Send PM |
Profile |
Ignore