LAP Green Networks says it bought Zamtel transparently

LAP Green Networks says it bought Zamtel transparently

Libya’s LAP Green Networks on Monday defended its investment into Zambia’s fixed line operator after President Michael Sata said last week government could reverse the transaction.

Libya’s LAP Green last year bought 75 percent of Zamtel for $257 million and the remaining 25 percent shareholding was retained by the government.

Sata said Zambia’s cabinet could overturn the sale after a commission of inquiry found that Zamtel was illegally sold to the Libyan company.

In a statement on Monday, LAP Green Networks said the company would work diligently to protect its investment in Zambia of over $300 million

The company said the sale was done “transparently and within the established legal framework” and expected “just treatment” from Zambia’s government.

“The bid for Zamtel was done independently of any internal process by the government and ministries in charge of the sale,” the company said.

Sata in October scrapped the $5.4 million sale of unlisted Finance Bank to South Africa’s FirstRand.

LAP Green Networks said it would cooperate with Zambian authorities but had not yet been approached by government to discuss its interest in Zamtel.

Reuters

Share this post