LAP Green lodges petition with high court over seizure of Zamtel stake

20 Mar 2012

In a petition filed in the Lusaka High Court LAP Green Network, the Libyan Investment Authority’s international telecommunications arm, has challenged the Zambian Government’s action to seize its 75% share in local fixed line incumbent Zambia Telecommunications Company (Zamtel). According to the Lusaka Times, LAP Green’s appeal has outlined its claims for financial compensation for the telco at the time of its seizure should it not be given back its shareholding, with the Libyan outfit calculating the value of its Zamtel stock at USD480 million. Further, LAP Green is also understood to be claiming for losses which it says are the result of the share seizure.

Wafik Al-Shater, LAP Green chairman, reportedly disputed that the Zambian government’s reclamation of the shares was a matter of public interest, with the executive contending that the move was illegal and unconstitutional. Pointing to his company’s successes while at the helm of Zamtel, Mr Al-Shater pointed to the fact that under LAP Green’s management Zamtel had registered a 600% increase in its total subscriber base, while also pointing to a 50% increase in turnover. The decision to launch legal proceedings, Al-Shater noted, was dictated by procedures set out under Zambian law, adding that LAP Green will consider any and all legal options open to it in seeking to reclaim its shareholding in the telco.