Maravi

Court's decision over Zamtel is ‘troubling' - LAP GreenN

Court's decision over Zamtel is ‘troubling' - LAP GreenN
By Chiwoyu Sinyangwe
Sun 15 Apr. 2012, 13:28 CAT

LAP Green Networks of Libya has described as "troubling" the Lusaka High Court's rejection of its plans to halt government operating the total telecommunications provider.

LAP GreenN, whose controversial ownership of three quarters of Zamtel was aborted by the PF government last January, had sought the Lusaka High Court's intervention to prevent the government from dealings that would be adverse or prejudicial to its 75 per cent shareholding in Zamtel.

The firm which bought Zamtel for US $257 million in 2010 in a deal criticised by key stakeholders has sued the Zambian government before the Lusaka High Court, demanding, among other things, that its 75 per cent equity in Zamtel and the management control of it, is returned forthwith, failing which it seeks market-value compensation in the amount of US$480 million.

But High Court judge Albert Wood dismissed with costs Lap GreenN's application for an order of interim relief on the ground that an order for interim relief in whatever form it was being sought should be granted before the hearing and determination of the petition.

Judge Wood said the correct position was that the application should be heard and determined first before an order, writ or direction is issued for purposes of enforcing or securing the enforcement of any provisions.

Reacting to judge Wood's ruling, LAP GreenN which a fortnight earlier had sought the Lusaka High Court's declaration that the procedure used to compulsorily acquire the shares was improper, unreasonable and unlawful, contrary to Article 16 of the Constitution vowed to "vigorously pursue" its full legal rights despite the latest setback.

"While we have stated previously that we hope the government will see that their actions are not in the interests of either Zamtel or Zambia and that reason will prevail, last Tuesday's decision is troubling,"

the investment wing of the Libyan government stated. "Basic safeguards

and reassurances to protect our shareholdings should be in place until

this case is resolved."

LAP GreenN stated that although it prefers that Zamtel and its equity in it is returned to the company, it would seek damages if its desire was not granted.

"We prefer its equity in it is returned to us so that LAP GreenN can resume making its important contribution to the Zambian people and the Zambian economy," stated Lap GreenN.

"However no one should be in any doubt that we will vigorously pursue our full legal rights and interests in Zamtel through the courts both in Zambia and internationally, until we have satisfaction."

Labels: CORRUPTION, COURTS, LAP GREEN, LIBYA

posted by MrK @ 1:17 AM