Laico Hotel assets frozen

KIGALI - The Government has frozen all assets belonging to LAICO Umubano – the management company that has been running the Kacyiru based, Hotel Laico.LAICO is owned by the Libyan government, through the Libya African Investment Portfolio.
Assets of Laico Hotel have been frozen and the hotel will, from now, be called Hotel  Umubano (File Photo)
Assets of Laico Hotel have been frozen and the hotel will, from now, be called Hotel Umubano (File Photo)

KIGALI - The Government has frozen all assets belonging to LAICO Umubano – the management company that has been running the Kacyiru based, Hotel Laico.

LAICO is owned by the Libyan government, through the Libya African Investment Portfolio.

The decision is in line with the recent UN resolution imposing a freeze on funds and other financial assets and economic resources owned and controlled by the Libyan government.

In a press statement, the Minister of Finance and Economic Planning John Rwangombwa, said that the decision was taken in accordance with UN resolution 1973.

“With respect to Hotel Laico Umubano, all assets related to LAICO directly or indirectly, were frozen, and Laico Management Company discontinued. The Hotel will, therefore, be called Umubano Hotel,” reads the statement in part.SOPROTEL, the company that owns the hotel, will assume management responsibilities in the meantime.

Accor Group, Meridien and Novotel are among companies that have previously managed the Hotel.

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