Attorney General Mumba Malila was quoted telling Zambia Daily Mail that the government will soon decide whether to compensate LAP Green Network for the reversal of the Zamtel sale.
A few days ago, the Zambian government announced it was taking back a…
Attorney General Mumba Malila was quoted telling Zambia Daily Mail that the government will soon decide whether to compensate LAP Green Network for the reversal of the Zamtel sale.
A few days ago, the Zambian government announced it was taking back a 75% stake in fixed-line operator Zamtel from Libya-based LAP GreenN, after justice minister Sebastian Zulu reportedly concluded that Zamtel had been undervalued.
But in a statement on 19 January, LAP Green Networks categorically rejected “any allegations of wrongdoing during the acquisition of its 75% stake in Zamtel,” for US$257m in 2010.
Malila reportedly added that the level of potential compensation would depend on the amount of losses the country has suffered.
He also told the Zambia Daily Mail that the case might be taken to court if the two parties fail to agree on compensation.
