Zambia agrees to compensate Libya’s Lap Green

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The Zambian government on Friday said it was currently dealing with the matter of compensating Libya’s telecommunication firm Lap Green following a court demanding the compensation.

Minister of Finance Felix Mutati said the government was currently dealing with the matter of compensating the Libyan firm after the government grabbed a state-run telecommunication firm it bought.

He however did not elaborate or provide information on when the government intends to start paying the Libyan firm during a parliamentary session.

The Libyan firm dragged the Zambian government to court after a state-owned telecommunication firm, Zamtel, which it had purchased, was taken over in 2012.

The government of former president Michael Sata decided to repossess the telecommunication firm from Lap Green after its investigations established that the sale in 2010 was a fraud.

The Libyan firm took the government to court to challenge the legality and constitutionality of the government action and demanded 480 million U.S. dollars in compensation.

The court ordered Zambia to compensate Lap Green 382 million dollars following a consent judgment.

The Libyan firm paid 257 million dollars for the purchase of the Zambian telecommunication company. Enditem

Source: Xinhua/NewsGhana.com.gh

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