Zambia: LAP Green , the Libyan company, raise concern
LAP Green, the Libyan company that bought ZAMTEL says it is concerned with the process to review the telecommunications company’s sale and its potential reversal.
The telecommunications group says its participation in the international bid for ZAMTEL was done transparently and within the legal framework, along with all other participants.
This is contained in a press statement released to ZNBC from LAP Green on Tuesday.
LAP Green says it participated in the biding process for ZAMTEL in 2009 along with other international operators and won with a bid of 257 million United States dollars.
The telecommunications group says it will continue to operate within the law and cooperate with Zambian authorities as it waits to be approached by the government to discuss its equity interest in ZAMTEL.
The Commission of Inquiry appointed to investigate the sale of ZAMTEL to LAP Green of Libya has established that the transaction was illegal and fraudulent.
Commission Chairperson Sebastian Zulu also says the evaluation of ZAMTEL assets by RP Capital of Cayman Island was highly incompetent and misleading.
Mr. Zulu made the revelations when he presented the findings of the commission to President Michael Sata at State House last week.
The Justice Minister also says the incompetent transaction resulted in the parastatal being undervalued.
President Sata directed Mr. Zulu to develop a Cabinet Memorandum to enable cabinet make a final decision on the sale of ZAMTEL.