North Africa
To recover $380 million debt from Zambia, Libya’s telecommunications investor LAP GreenN, is exploring the option of seizure of Zambia’s international assets.
Three years ago LAP GreenN won a court battle after the High Court in London ruled in its favour
To recover $380 million debt from Zambia, Libya’s telecommunications investor LAP GreenN, is exploring the option of seizure of Zambia’s international assets. LAP GreenN controlled by the UN-backed Government of National Accord (GNA) bought Zamtel in 2012 for $257 million a year after Zambia’s nationalization. Since then the amount has been due from Zambia to LAP GreenN.
Faisel Gergab, chairman of the Libyan Post Telecommunications & Information Technology Company, a holding company that manages Libya’s telecoms assets stated that the company has to consider other options to claim the Zambia government’s overdue debt. Three years ago LAP GreenN won a court battle after the High Court in London ruled in its favour following a Zambia court decision which alleged that the sale of the Zambian firm was “a fraud”.Since then, the company has been pushing for its due.
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