The company that advised Zambia’s government on the sale of 75 percent of Zambia Telecommunication Co. said LAP Green Network of Libya made all payments needed when it bought stake in the company last year.
LAP Green paid $257 million and assumed more than $70 million of guarantees to Zamtel’s suppliers, London-based RP Capital Advisors Ltd. said in an e-mailed statement.
“The price achieved for a controlling stake in the company was one of the very best among privatizations of telecommunication assets on the African continent,” it said.
Zambian Justice Minister Sebastian Zulu, who led an investigation into the transaction, on Nov. 24 said the sale of the stake was “a fraud,” adding the previous government acted with “extreme haste and did not follow normal tender procedures and renders the transaction illegal. LAP Green bought a 75 percent stake in Zamtel in June last year.
President Michael Sata, who has embarked on an anti- corruption campaign, said on Nov. 17 he would reverse the sale if Cabinet recommended this.
Lap Green has invested $170 million in its network in the southern African nation, it said in a statement published in Zambia Daily Mail on Monday.
[BLOOMBERG]
ROBINSON ZULU msut be connected to this deal somehow. Apart from Meanwood properties he has another company called Bennet Capital, which has serious UK connections where Robinson lived for a considerably long period, I TELL YOU IT’S NOT A COINCIDENCE!!! ATI CHECK THIS OUT!!
VipassanaSeeing as Carfax is a company, I would amssue you want a free car history report. Not a free Carfax.Not going to happen. It costs the companies a lot of money to compile all the info, and they pass that onto you.
lets be serous for once. $257m is what airtel and mtn paid just for the licence to operate in zed. how then can u sell zamtel assets including all celz towers, buildings,mwembeshi earth station, all vehicles including zamtel houses and its licence for what others are paying just to operate? you don’t even need to be intelligent to tell that this is a stinking fraud. R B (Rubbish Bin) and Dora (public buttocks) must be caged
Nine Years of Blogging Here at LawSites No comments Posted by Robert Ambrogi in General This week mekrad the ninth birthday of this blog. Here was my first post, on Nov. 19, 2002:a0Welcome to My Blog.
GRZ will make a U-turn on this. Legal battle too expensive. Only Dora Siliya will be harrassed. That’s all.
What was the market value ie what buyers were willing to pay for Zamtel. Doesnt matter how much you are selling an asset at. Real value is what others are willing to pay for it.
Since Chiluba days, we have been mourning about privatization. Up to now, almost 20 years down the road, we still have the same issues coming up. The reason is simple. We in Zambia like dealing with the symptoms and not the cause. If we had tackled the root cause of the “bad privatization” under Chiluba, we wouldn’t be having the same issues again and again. We don’t seem to learn anything from past mistakes. We keep on using the same tools with the same methods and hoping we shall get different results. Seriously, It is time to change the way we do things.
There is no such company as “RP Capital Advisors Ltd” in the UK. Please check ‘Companies House’ website where all UK companies are listed.
Of course its bl@ody obvious they are going to say this, c’mon LT give some substance not this B.S!!
Just pay back what Lap Green put in and forget.But it appears GRZ has no money like that. The value of a property is also determined by the economic status of the one selling it. Broke people have sold things very cheaply that would other wise fetch big money. How about that !
some of these so called company buyers who come to countries like zambia are plunderers, who do nothing but go round the world stealing from those who have no backbone, who canot talk for their nations. but just why sell your national asserts what benefit is it to zambians?
what were the benefits of selling KL , Dunlope, and many more others is it not only poverty, all jobs sold away to other countries. those who want to invest let them bring new industries not what is already there
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