Libyan telecommunications investor LAP GreenN has threatened to seize Zambia’s international assets as the Zambian government owes the Libyan telecom body $380 million, according to a report by "Capacity Media" website.
The debt Libya is after dates back to Zambia’s nationalisation of Zamtel in 2012, a year after LAP GreenN bought the company from the previous administration for $257 million.
The chairman of the Libyan Post Telecommunications & Information Technology Company, a holding company that manages Libya’s telecoms assets, Faisel Gergab said the company has found itself forced to assess other options to claim the debt it says Zambia owes, according to the report.
Libya has been trying to regain the money from Zambia for a number of years now but to no avail, even though Zambia lost a case three years ago before the High Court in London.
Libya says it has patiently sought an amicable resolution to the dispute, while Bloomberg has quoted an email from Gergab saying LAP GreenN “will use all avenues or remedies available to it if the defaults continue”.
