The Government has handed over full control of Uganda Telecom (utl) to LAP Green, the parent company of utl. LAP Green’s directors were fully reinstated and have now resumed their management control responsibilities of the company.

Confirming the development in a statement yesterday, LAP-Green’s chairman Wafi k Al-Shater said the team now resumes full operational management control.

“This sends a clear message to others who are thinking of doing business in Uganda that investors are not only welcome, but their enterprises and investments will be treated fairly and with full respect for their rights in law,” said Shater.

Meanwhile, utl has appointed a new chief executive offi cer following a series of changes the company is undergoing since the UN lifted sanctions over the fi rm early in 2012.

David Holiday, A British national replaces Abdulbaset Elazzabi, the Libyan who left the company during the height of the Libyan uprising last year. Donald Nyakairu, the Ugandan national who has been acting CEO resumes his former post as corporation secretary and has been lined up “for a bigger role at the Group level”, was recognised by the Group for his “fortitude.”

The appointment of a foreign national continues to raise the question on whether there are no local managers capable of managing top corporates in the country or whether they cannot be nurtured as understudy to take over.

Most top corporate entities are run by foreign nationals. Sources said several meetings regarding board and management positions have been going on and had to be approved by the Government.

He said Libya and its people have come through tough times, and with elections about to take place for a democratic government, there is a new sense of optimism and stability for the future.

LAP Green has been assessing the various operations and has developed a good understanding of what the requirements are going forward in the restoration of its assets across Africa.

UCOM, the holding arm of LAP Green, has invested about $200m in utl and controls a 69% stake in the telecom fi rm.

From New Vision

Tweet

Share

0