Uganda freezes Libyan assets

assets worth $375 million, mainly in the telecommunications, hotel, banking and oil sectors, reports BBC News.

Uganda's president Yoweri Museveni has also called for an end to the Western air strikes on the north African country.

The AU is trying to organise peace talks between allies of Colonel Muammar Gaddafi and the rebels in the Ethiopian capital, Addis Ababa.

To avert fears of job losses in Uganda, International Co-operation minister Henry Okello Oryem says that, despite the freezing of assets, the Libyan-linked businesses would still be able to function.

But he said the money would be channelled into a special account until sanctions were lifted.

Uganda is set to comply with the United Nations resolution regarding the freezing of all funds and assets owned or controlled by president Gadaffi's regime, states New Vision.

The Libyan assets in Uganda include 69% shareholding in telecommunications firm Uganda Telecom, 49% ownership of National Housing and Construction Corporation, and undisclosed shares in Tamoil, which is expected to work on the oil pipeline from Eldoret, Kenya to Uganda.

Bloomberg reveals the Uganda is awaiting guidelines from UN secretary-general Ban Ki-moon after it wrote to him seeking details regarding the implementation of the sanctions.