The commercial court of Nyarugenge has finally ruled that Rwandatel should liquidate its assets in order to pay debts amounting to US$ 88.9 million.
Creditors have been authorized to submit their claims to the company not later than 4th august.
Richard Mugisha the company’s interim administrator noted that he was optimistic that selling the assets would make the situation better.
Rwandatel assets are valued at approximately US$50 million though the assessment process is still underway. “I believe we have stable equipments which would attract investors speedily,” he remarked.
Once the assessment is complete, the company aims to advertise its assets in August. Mugisha further pointed out that the bid will be open. This means that even local telecommunication companies would be allowed to give their offers.
“We have decided to sell our assets in form of a package which will enable us continue with our day to day activities without any obstruction,” he remarked.
Mugisha advised the court to liquidate the company since in the recent months he has headed the company it has not shown progress of growth.
The liquidation of Rwandatel is in Rwanda’s full compliance with the UN Security Council resolution to freeze assets belonging to Libyas Col. Muammar Gadaffi’s and his cronies’ assets and imposing travel bans.
The luxury laico Hotel in Kigali was also frozen. The hotel will return to its former name Umubano Hotel and Soprotel, a private company will take over the hotel management.
The United Nations Security Council earlier this year unanimously adopted a resolution that could put Muammar Gaddafi and his family in the dock of an international court for crimes against the Libyan people.
In a 15-0 vote, the council ordered all UN member states to freeze the assets of the Libyan leader, his daughter and four of his sons. They and another 10 key members of the regime were banned from travelling outside the country.
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