LAP Green demands $480 million in Zamtel compensation
LAP Green Network, the Libyan Investment Authority’s international telecommunications arm has challenged the Zambian Government’s action to seize its 75% share in Zamtel.
In the petition filed in the Lusaka High Court today, LAP Green outlines it right to financial compensation for the value of the asset at the time of seizure should the shareholding not be restored to it, which is calculated to be US$480 million.
The Libyan firm is additionally claiming for substantial losses it has suffered as a result of the seizure of the shares.
LAP Green Network disputes the legality of the Zambian Government’s claim that LAP GreenN’s shares were taken for ‘public purpose’.
Wafik Al-Shater, Chairman of LAP Green Network, contends that it is very clear that the seizure of LAP Green’s shareholding in Zamtel by the Zambian Government was illegal and unconstitutional, and to the detriment of both Zamtel and its customers.
Mr Al-Shater in a statement released to the media says in the 18 months that Zamtel was under LAP Green’s management, it increased its total subscriber base by 600% to over one million at the start of 2012 and significantly increased the company’s market share, leading to a 50% increase in revenues.
He adds that the growth and prosperity that Zamtel saw under LAP Green’s management was unprecedented.
He explains that through major improvements and upgrades in systems and infrastructure, including a 100% increase in the number of base stations, LAP Green Network improved network performance and established a far superior service for Zamtel’s customers.
Mr Al Shater says LAP Green took a bankrupt company and developed it into a strong telecommunications provider able to deliver real value to all shareholders, to serve the Zambian people and to contribute directly to the Zambian economy sustainably into the future.
Mr Al-Shater says LAP Green is compelled to take this course of action as dictated by the procedure set out in Zambian law.
He adds that it is sincerely hoped that reason can prevail, and that LAP GreenN can resume making its important contribution to providing telecommunications services to the Zambian people.
Mr Al-Shater however, states that to recover the company’s significant investment in Zamtel, LAP Green will consider any and all legal options available, if necessary, whether in Zambia or in other jurisdictions.