Libya contemplates seizure of Zambia’s international assets over $380-million debt

Libya’s telecommunications investor LAP GreenN, controlled by the UN-backed Government of National Accord (GNA) is considering seizure of Zambia’s international asset in a bid to recoup $380 million that Southern African country owes it.

 

The debt, LAP GreenN notes, dates back to Zambia’s nationalization of Zamtel in 2012, a year after LAP GreenN bought the company from the previous administration for $257 million.

 

Faisel Gergab, chairman of the Libyan Post Telecommunications & Information Technology Company, a holding company that manages Libya’s telecoms assets indicated that the company as of now can only consider other options to claim the Zambia government’s debt.

 

Gergab in an email, quoted by Bloomberg News agency, revealed that LAP GreenN “will use all avenues or remedies available to it if the defaults continue”.

 

LAP GreenN has been pushing for its due even though it won three years ago a court battle after the High Court in London ruled in its favor following a 2011 Zambia court decision which said the sale of the Zambian firm was “a fraud”.