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Home Business

Ivory Coast nationalizes Libyan mobile company, GreenN, for unpaid debts

bySami Zaptia
July 7, 2015
Reading Time: 1 min read
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By Libya Herald reporter.

LAP GreenN's GreenN Cote d'Ivoire subsidiary will not be nationalized, but will be consolidated into a new company.
LAP GreenN’

Tunis, 26 June 2014:

The Ivory Coast government announced the nationalization of GreenN Ivory Coast (Network) mobile operator, a company owned . . .[restrict]by the Libya Africa Investment Portfolio (LAP), a subsidiary of the Libyan Investment Authority (LIA), Libya’s state news agency LANA reports.

The nationalization involved three mobile operating companies in the country including Libya’s GreenN.

The Government said in a statement on Wednesday that the companies covered by the nationalization decision owed debts for license fees and taxes exceeding US$ 155 million.

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The Ivorian Communications Minister, Bruno Kone said after a cabinet meeting Wednesday that the companies had failed to pay their debts within the 5 May final deadline set for them.

He went on to reveal that his government had decided to merge the three companies into a single entity and that there is a plan to restructure them and find a partner to buy 51% stake in the proposed single company.

Libya’s GreenN had suspended the services of its company in the Ivory Coast since last year due to a lack of liquidity caused by the freezing of Libyan sovereign fund assets.

  [/restrict]

 
Tags: Ivory CoastLAP Libya Africa Investment PortfolioLIA Libyan Investment Authoritymobile
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