After the enforcement of the UN resolution which declared a freeze of funds, financial assets and economic resources owned and controlled by the Libyan authorities, the government has taken full control of Hotel LAICO-UMUBANO and rebranded it to UMUBANO HOTEL.
In an interview with Igihe, the caretaker of the hotel, Rosemary Mbabazi, noted that operations at the hotel remained normal as the government seeks a professional firm to run the establishment.
“We want to tell the public that the hotel is running well as usual and will remain operational, and in any case, we aim to offer better services,” Mbabazi, who is also the chairperson of the Board said.
Sources privy to the ongoing saga affecting the Libyan investments in the country indicate that even before the UN move, the Libya Africa Investment Company commonly known as LAICO had failed to honour its pledge to raise US $25million to renovate the hotel and increase room capacity from 100 to 166.
The sources further indicated that LAICO had been financially crippled even before the UN resolution, as the government of Rwanda sought for another investor to take over the operations of the hotel.
LAICO took over the running of the hotel through SOPROTEL SARL, a joint shareholding with the government of Rwanda. The Libyan government held 60 percent of shares while the Rwandan government held the remaining 40 percent.
As the majority shareholder, LAICO took over the management of the Hotel with Mr. Hussein Omrani appointed as SOPROTEL’s Managing Director while Mr. S.Hameeuw, was appointed as the Managing Director of the LAICO management Company. The two people have since been relieved of their duties since the government effected the the UN resolution.
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