Back Off Nationalisation of UTL – Libyans tell M7

Back Off Nationalisation of UTL – Libyans tell M7

Eastern government has urged Uganda to back off from decision to nationalise Uganda Telecom Limited UTL, which is owned by Libya and Uganda.

The government of Abdullah Al-Thinni said it was concerned by the takeover of the UTL the last two days, saying the procedures were illegal.

It added that the nationalisation of the mostly-Libyan UTL is against the international laws.

The eastern government’s foreign ministry also said it wishes the Uganda government reconsiders this decision in a way that preserves the relations and economic ties between the two countries.

It should be noted that on 1st March, 2017, the Uganda government announced to have repossessed Uganda Telecom ending years of uncertainty at Uganda’s longest telecom firm.

This came on the heels of failed agreement with the Libyans on funding the indebted telecom company.

Reports show UTL has a debt of not less than 700 billion Ugandan shillings.

via Libyan Express

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