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 widespread corruption.
Malila said in the statement, published by local newspapers, that the government plans to look into the matter of compensation, but only after it would assess the losses the country suffered as a result of the transaction.
While by law, compensation would be required, Malila said court action would begin in the High Court if the two parties fail to reach a compromise on compensation. The Libyan telecommunications company has complained that the Zambian government has not given it an opportunity to meet and discuss the matter.
The company reported that it has made numerous attempts to find an amicable solution that satisfies both parties to the transaction and secure the best possible outcome for its employees and subscribers.
“LAP Green insisted that its acquisition of Zamtel was made through an open, transparent and competitive bidding process, overseen by well-respected international professional organisations and in strict adherence to Zambia’s established legal framework,” a recent statement from the company said.
(Source: IT News Africa)