Museveni to freeze Gaddafi’s assets

KAMPALA – Uganda will freeze Libyan assets worth about $375 million in line with a U.N. resolution imposing sanctions on the North African country, local media quoted a cabinet minister as telling parliament.\r\n

Libya has invested heavily in east Africa’s third largest economy and has holdings in its financial services, telecommunications, leisure and infrastructure sectors.

"All the assets which benefit the Libyan government here in Uganda will be frozen in accordance with the U.N. resolution," Friday’s leading independent Daily Monitor quoted junior Foreign Minister Okello Oryem as saying.

Uganda’s veteran leader Yoweri Museveni, once a close ally of Libyan leader Muammar Gaddafi, has criticised the international coalition’s bombardment of Libya. He said the West had double standards and was motivated by oil.

But the government said it would comply with a one-month deadline to enforce the U.N.-backed sanctions.

"We have written to the UN Secretary General Ban Ki-moon asking for guidelines on how to implement the sanctions," Oryem was quoted as saying.

Libya has majority stakes in Uganda Telecom, National Housing and Construction Corporation, Tropical Bank, Lake Victoria Hotel and Tamoil, which is preparing to build a pipeline from western Kenya to Kampala.

Uganda is a member of the African Union ad hoc committee trying to mediate a resolution of the Libyan conflict.