Bank of Uganda Tuesday returned management of Tropical Bank to the Libyan Foreign Bank following a United Nation resolution to lift sanctions against the Libyan government and associated entities.
The Central Bank had hitherto appointed an interim board in March last year when the asset freezes were announced during the armed struggle to oust slain leader Col. Gadaffi.
Gerald Sendaula, the former finance minister has been retained as board chairman by the Libyan national transitional government with Osama Serrag, the former managing director replacing Prince Kassim Nakinge.
“The interim board and interim senior management team which were appointed by the Bank of Uganda on 25 March 2011, have been relieved of their responsibilities,” said Emmanuel Mutebile, the governor in Kampala.
He added that the bank has been returned to Libyan Foreign Bank and that the previous Board of Directors and senior management team has been re-instated.
This will see Idris Elhalafi, Mossadek Elallaghi and Hasheem Alhelmi step back into active management of the bank as part of the Ugandan team takes up executive positions within the bank.
The Libyan Foreign Bank holds 99.7% of Tropical Bank with the Ugandan government retaining the remaining 0.3%.
Serrag revealed that the Libyan government is looking to grow the Banks capitalization beyond the current sh250b balance sheet to show its commitment to doing business in the country.
Source: New Vision