In order to comply with UN sanctions, Uganda froze the assets of Tropical Bank, “99.6875 percent” owned by Libya, according to Bloomberg. (The other “0.3125 percent” belongs — shocker — to the Ugandan government.) Then it took the bank over. Why? Bloomberg reports on a statement from Bank of Uganda Governor Emmanuel Tumusiime-Mutebile:
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.”
How can they be so certain? Why, they retained the chairman of the board — by having Uganda re-appoint him to the same post. They also re-titled the executive director, making him “managing director” and allowing him, too, to stay on.
Obviously now the bank is, as Tusuiime-Mutebile claimed in a statement, “fully independent of the Libyan government.”
So, Kenya, how long before you all those liberate all those OiLibya petrol stations?
