Libya’s LAP Green Network has promised a long legal battle both in Zambia and internationally over its seized 75% shareholding in Zamtel.
The Libyan firm which bought Zamtel for $256 million from the previous MMD government before the PF government reversed the sale, says in a statement released to QFM News that no one should be in any doubt that it will vigorously pursue its full legal rights and interest in Zamtel through the courts in Zambia and internationally, until they have satisfaction.
LAP Green has described the Lusaka high court’s decision on Tuesday to throw out its request to freeze its 75 percent shareholding in Zamtel as troubling.
It says its request was to ensure that the Zambian Government does nothing with its shares as it has been reported it might, until the matter has been properly settled by its Petition in the courts.
LAP Green argues that basic safeguards and reassurances to protect its shareholdings should be in place until the case is resolved.
It adds that its preference is that Zamtel and its equity is returned, so that it can resume making its important contribution to the Zambian people and the Zambian economy.
The Lusaka High Court will hear LAP Green’s Petition on 9th July 2012.