March 25, 2011 / 7:50 AM / in 7 years

Uganda to re-appoint management of Libyan-owned bank

KAMPALA, March 25 (Reuters) - Uganda’s central bank said it would appoint new members to the managment team and board of Tropical Bank to ensure independence from the Libyan government on Friday, in compliance with U.N. sanctions.

“Bank of Uganda has taken a series of measures which are designed to ensure the management of Tropical Bank is fully independent of the Libyan government ... and that it transacts no business with the Libyan government,” said a central bank statement signed by Governor Emmanuel Tumusiime-Mutebile.

Tropical Bank is among a number of Libyan held assets Uganda says it will freeze. (Reporting by Elias Biryabarema; editing by Richard Lough)

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