Maravi

Lap Green’s Zamtel shares to be frozen-Musokotwane

Lap Green’s Zamtel shares to be frozen-Musokotwane
Wednesday, March 23, 2011, 20:41

Government has acknowledged that there is a high likelihood that LAP Green Networks’ shareholding in ZAMTEL will be frozen following the U.N resolutions 1970 and 1973 which freeze Libyan assets around the world following the crisis in that country.

LAP Green Networks which owns 75% shares in Zamtel is a subsidiary of the Libya Investment Authority which is Libya’s sovereign investment fund.

Finance and National planning Minister Situmbeko Musokotwane told parliament in a ministerial statement today that the purpose of the UN resolution on Libya’s asset freeze is not to prevent or impede the operations of companies such as Zamtel in which Libyan companies own equity.

He said that there was no reason for concern regarding the prevailing situation in Libya as it relates to Zamtel operations.

Dr Musokotwane assured the house that when the privatization of Zamtel was completed in July 2010, a number of transaction documents were agreed and signed between the Zambian government,Zamtel and LAP Green Networks which include key agreements such as the sale and purchase agreement, the shareholders agreement and the escrow of funds agreement.

He said that the documents were negotiated with great care and gives government all the necessary procedural controls with respect to the measures which are the subject matter of the asset freeze provisions of the UN resolutions.

Dr Musokotwane added that as a further cautionary measure government will seek final clarification from the UN sanctions committee whether LAP Green holding in Zamtel and other relevant assets fall within the definition of assets to be frozen under the UN resolution.

And Dr Musokotwane has pledged government’s commitment in compliance with UN resolutions on Libya.

He said that government plans to adopt formal general administrative measures that will under the framework provided by the Zambian law prevent any breach of the UN resolutions 1970 and 1973.

QFM

Labels: LAP GREEN, SITUMBEKO MUSOKOTWANE, ZAMTEL

posted by MrK @ 6:05 PM