Lybian Hotel asset to be sold off


Gadaffi’s business empire in Africa faces yet further disruption when news emerged from Rwanda that government in Kigali is set to seek bids to sell the Umubano Hotel, formerly the Laico Umubano Hotel.

Rwanda was one of the first countries in Africa to fully implement the sanctions imposed on Gadaffi’s regime by the United Nations and almost instantly froze the hotel asset, while already dismantling the regime’s telecoms assets in Rwanda.

There, following repeated failures to comply with licensing conditions, RwandaTel saw its mobile license withdrawn, crippling the operations of the company and forcing over 600.000 subscribers to migrate to other mobile companies in Rwanda, like Tigo or MTN. Following this regulatory measure the company is now in winding up status.

Meanwhile though has the Rwandan government now sought a competent firm to evaluate the value of the assets of the Umubano Hotel, before then tendering it for sale, so that a new investor can live up to the expectations initially vested in Laico, to add much needed rooms and improve and enlarge the hotel’s facilities. The Libyan management and board members were upon the appointment of a care taker manager sent home and are no longer in a position to prevent the upcoming action.

It was learned that once the hotel has been sold off the fair share of the Libyan investment will be put into a frozen account too, before eventually the situation in Libya normalizes and a new democratic government can then reclaim frozen funds, not just from Rwanda but from around the world.

Compiled by Jackie

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