East African Business Week

 Nairobi, Kenya - The Kenyan Government does not intend to take over businesses where the Libyan government and its leader Colonel Muammar Gaddafi have an interest in, following a United Nations resolution ordering a worldwide freeze on the Libyan leader's assets, Government spokesman Alfred Mutua said last week.
A resolution passed by the United Nations' Security Council recently, effectively ordered a worldwide freeze on the Libyan leader's assets. As a result many interests have been affected by the worldwide freeze.
In Africa the Libyan leader and his Government have extensive interests in a lot of businesses stretching from Eastern Africa all the way to Southern Africa.
Analysts say the raging Libyan conflict threatens to have a significant economic impact across the continent.
Col. Gaddafi has in his 42 year-long rule used money from the Oil rich nation to gain favour among African nations and thus the Libyan government has invested heavily in at least 25 African nations.
Such interests are held in trust by the Libya African Portfolio (LAP) - the investment arm of Col Gaddafi's government.
Investments by Libyan firms in Kenya and which are owned by Libya are in the hospitality and oil industry.
They include stakes in oil marketer OilLibya, and the prestigious Grand Regency Hotel in Nairobi.
Libya at one time expressed interest through a bid in the Kenya Petroleum Refineries Ltd but lost out to India's Essar.
Plans had been mooted to upgrade the current Libyan mission to a full embassy as interests by the Arab nation in Kenya expanded.
The Ugandan and South African Governments have already gone ahead to take over the assets of the embattled Libyan strongman's Government.
It was expected that other African countries will take cue from South Africa and Uganda and freeze assets owned by Col Gaddafi.
Kenya has however maintained in the past a lukewarm approach to the Libyan conflict.
And last week government Spokesman in a phone interview said the Government did not contemplate taking over assets of the embattled Libyan leader.
"No, there is no such discussion, (to take over or freeze Libyan assets)," he said. "It has not been discussed," he told East African Business Week on phone.
Kenya was among other UN 191 member states who voted to suspend Libya from the UN human rights body.