Tag Archives | Zambia

Zambia to pay $380m to LIA

By John Lee. The Zambian government has reportedly been ordered to pay the Libyan Investment Authority (LIA) $380 million as compensation for nationalising the Zambia Telecommunications Company (Zamtel) in 2011. LIA subsidiary LAP Green Networks had owned 75 percent of the company, with the Zambian government owning the remaining 25 percent. The LIA is said […]

LAP GreenN’s Fall from Grace was Utterly Avoidable

From Sami Redwan.  Any opinions expressed are those of the author, and do not necessarily reflect the views of Libya Business News. The telecoms provider LAP GreenN’s fall from grace has been nothing short of spectacular. Established in 2007 with a total investment capital of over US$1 billion, LAP GreenN is wholly owned by the […]

Libya firms sues Zambia over seizure of telecom

Libya’s LAP Green Networks is suing the Zambian government for $480 million over the seizure of its 75 percent stake in the country’s only fixed line telephone operator, the company said on Monday. “We are compelled to take this course of action as dictated by the procedure set out in Zambian law,” LAP Green said […]

Zambia could compensate Libya’s LAP Green

Zambia has said it would rule on whether to compensate Libya’s LAP Green Network in the near future, the country’s Attorney General Mumba Malila said in a press statement on Friday afternoon. LAP lost its 75 percent share in Zambia’s Zamtel to the government following the revolution in the North African country and reports of […]

Libya minister to protect investment in Zamtel

Libya will do all it can to protect its 75 percent stake in Zamtel, the fixed-line telecoms firm in Zambia, whose government announced plans last week to seize Libya’s stake in the firm, Libyan Foreign Minister Ashour bin Khayyal said Monday. “The Zambian government has taken a unilateral action by nationalizing this company,” Khayyal said, […]

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Zambia dissolves board of Libya-owned Zamtel

Zambia has dissolved the board of Libya-controlled Zamtel and appointed a new acting CEO, the government said on Tuesday, a day after it announced plans to seize 75 percent in the fixed-line operator from owner LAP Green Networks. The government said in a statement it would restructure the ownership of Zamtel to ensure Zambians owned […]

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Zambia says to take back Libya-owned Zamtel

Zambia will take back a 75 percent stake in local fixed-line operator Zamtel that is currently held by Lybia’s LAP Green Networks, Finance Minister Alexander Chikwanda said on Monday. “We made a decision to restore Zamtel back to the people of Zambia,” Chikwanda said at a media briefing. “The plight of the workers may be […]