Uganda Takes Control of Libyan-Owned Bank, Names New Board

Uganda’s central bank took control of Libyan-owned Tropical Bank Ltd. to protect it from United Nations sanctions against the North African country, Bank of Uganda Governor Emmanuel Tumusiime-Mutebile said.

The central bank sacked the board and managers appointed by Libyan Arab Foreign Bank to ensure the lender is “fully independent of the Libyan government,” Tumusiime-Mutebile said in a statement handed to reporters today in the capital, Kampala.