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HomeNewsLibya’s Lap Green Network to protect interest in Zamtel

Libya’s Lap Green Network to protect interest in Zamtel

Libya’s Lap Green Network, a pan-African telecommunications group owned by LAP, said it would work diligently to protect its interest following the potential reversal by the Zambian government of its acquisition of 75 per cent of shares in the Zambia Telecommunications Company (ZAMTEL).

Lap GreenN, in a statement released in Lusaka, expressed deep concern over the process for the review of Zamtel’s sale and its potential reversal, saying that Lap GreenN’s participation on the international bid for the telecommunications operator was done strictly following the legal framework as all other participants in the process.

The Zambian government, under former President Rupiah Banda, last year sold Zamtel’s 75 per cent shares at US$ 257 million to LAP GreenN and retained 25 per cent shares.

However, President Michael Sata, soon after his election, constituted a commission of inquiry to investigate the sale of Zamtel’s 75 per cent shares to Lap GreenN.

The commission, led by Justice Minister Sebastian Zulu, which recently handed its findings to President Sata, said the sale of Zamtel’s 75 per cent of shares was not conducted properly and that Zamtel was grossly undervalued.

According to the independent Post newspaper of Wednesday, the commission of inquiry recommended the termination of agreements relating to the sale of Zamtel’s 75 per cent shares of Lap GreenN.

Lap GreenN, in its statement, reiterated that “its participation in the process was done transparently and within the established legal framework and like all current and prospective investors into Zambia expects a just treatment of the Zambian authorities towards Lap GreenN.”

It said it participated in 2009 in the bidding process for Zamtel along other international operators and was selected winner with a bid of US$ 257 million, noting that the bid for Zamtel was done independently of any internal process by the government and ministries in charge of the sale.

The Lap GreenN is a part of LAP, a Libyan foreign investment vehicle that was incorporated in 2006, primarily focusing on contributing to the development of African countries and is the investment arm in IT and telecommunications.

Currently, it operates in Uganda, Niger, Cote d’Ivoire, South Sudan and Zambia.
-0- PANA MM/BOS 23Nov2011

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