No Result
View All Result
Wednesday, July 16, 2025
23 °c
Tripoli
24 ° Sat
24 ° Sun
  • Advertising
  • Contact
LibyaHerald
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
SUBSCRIBE
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
No Result
View All Result
LibyaHerald
No Result
View All Result
Home Business

Libya sues Zambian government over seized telecoms company

byMichel Cousins
April 20, 2013
Reading Time: 2 mins read
A A

Tripoli, 19 March 2012:

LAP GreenN, the Libyan Investment Authority’s international telecommunications arm, went to the Zambian High Court in Lusaka on . . .[restrict]Monday filed to stop the Zambian Government’s attempt to seize its 75-percent stake in Zamtel.

LAP GreenN acquired the stake in the former state-owned Zambian telecommunications company in June 2010 bidding against eight other international compnies. Overseen by the Zambian Development Agency, the sale was viewed has having been open and competitive. The Zambian government held on to 25 percent.

Early this year, the Zambian government decided to reverse the sale.

“LAP GreenN is very clear that the seizure of our shareholding in Zamtel by the Zambian Government was illegal and unconstitutional, and to the detriment of both Zamtel and its customers, said LAP GreenN chairman Wafik Al-Shater in a statement.

RELATED POSTS

ACA suspends the Executive Director, the Chairman and 6 Board members of GNMTC

CBL Governor Issa pushes for improved e-payment services despite increase of points of sale by 92% and e-transactions by 75% since 2024

“In the 18 months that Zamtel was under LAP GreenN’s management, we increased its total subscriber base by 600 percent – to over one million at the start of 2012 – and significantly increased the company’s market share, leading to a 50-percent increase in revenues. The growth and prosperity that Zamtel saw under our management was unprecedented,” he added.

He explained that LAP GreenN had taken what was effectively a bankrupt company and turned it round into a major and profitable telecommunications player, that serve Zambia’s people and contribute significantly to the Zambian economy.

Mr Al-Shater said: “We are compelled to take this course of action as dictated by the procedure set out in Zambian law. Nevertheless, we sincerely hope that reason can prevail, and that LAP GreenN can resume making its important contribution to providing telecommunications services to the Zambian people. However, to recover the company’s significant investment in Zamtel, LAP GreenN will consider any and all legal options available, if necessary, whether in Zambia or in other jurisdictions.”

LAP GreenN says that its stake is worth US$480 million.  Its petition states that should it not be given back the company, it should be compensated in full plus losses suffered as a result of the seizure of the shares.

  [/restrict]

Related Posts

CBL receives results from meetings with international banks
Business

CBL Governor Issa pushes for improved e-payment services despite increase of points of sale by 92% and e-transactions by 75% since 2024

July 16, 2025
CBL temporarily suspends chairman and directors of ATIB
Business

Former ATIB bank Chairman Naaman Elbouri recalls his unjust kidnapping and detention – calls on CBL Governor to implement law against those unjustly accused

July 16, 2025
Twenty-three dead and 106 injured in Tripoli’s security forces clashes
Business

After signing agreement in April with Georgetown University, the first emergency response training programme is launched in DC: EMSC

July 16, 2025
CBL receives results from meetings with international banks
Business

CBL orders government entities from 1 August to receive payment for services from citizens electronically

July 16, 2025
UK Minister visits Tripoli – agreement signed to improve quality of English teaching at Libyan educational establishments
Business

UK Minister visits Tripoli – agreement signed to improve quality of English teaching at Libyan educational establishments

July 15, 2025
CBL receives results from meetings with international banks
Business

Fuel subsidies reached LD 60 billion, 30 percent of which is smuggled – therefore can invest just LD 5 bn in housing: CBL Governor Issa

July 15, 2025
Next Post

Gabon buys Libyan hotel

Ministry of Planning workshop wants re-evaluation of Libyan construction projects

ADVERTISEMENT

Top Stories

  • Libyan Railways Implementation Authority invites International Federation of Railways to participate in November workshop

    China to resume implementation of its stalled railways projects in Libya

    0 shares
    Share 0 Tweet 0
  • Libya Development and Reconstruction Fund signs contract with Turkey’s Ankamenia for maintenance of Benghazi University’s medical colleges

    0 shares
    Share 0 Tweet 0
  • Libyan olive oils win gold at Anatolian, Berlin and Japan 2025 international olive oil competitions

    0 shares
    Share 0 Tweet 0
  • There are 4 million irregular migrants in Libya: Interior Minister Trabelsi

    0 shares
    Share 0 Tweet 0
  • BP to reopen office in Libya, Shell discusses prospects for cooperation in oil field development‎

    0 shares
    Share 0 Tweet 0
ADVERTISEMENT
LibyaHerald

The Libya Herald first appeared on 17 February 2012 – the first anniversary of the Libyan Revolution. Since then, it has become a favourite go-to source on news about Libya, for many in Libya and around the world, regularly attracting millions of hits.

Recent News

ACA suspends the Executive Director, the Chairman and 6 Board members of GNMTC

CBL Governor Issa pushes for improved e-payment services despite increase of points of sale by 92% and e-transactions by 75% since 2024

Sitemap

  • Why subscribe?
  • Terms & Conditions
  • FAQs
  • Copyright & Intellectual Property Rights
  • Subscribe now

Newsletters

    Be the first to know latest important news & events directly to your inbox.

    Sending ...

    By signing up, I agree to our TOS and Privacy Policy.

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    Welcome Back!

    Login to your account below

    Forgotten Password? Sign Up

    Create New Account!

    Fill the forms below to register

    *By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
    All fields are required. Log In

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    No Result
    View All Result
    • Login
    • Sign Up
    • Libya
    • Business
    • Advertising
    • About us
    • BusinessEye Magazine
    • Letters
    • Features
    • Why subscribe?
    • FAQs
    • Contact

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.