Libya's Lap Green Networks loses interim relief bid for Zamtel

Telecoms

Lap Green Networks, the Libyan Investment Authority's international telecommunications arm, has lost a bid for interim relief in the reversal of its acquisition of a stake in Zambia Telecommunication Co. (Zamtel).

The shares were bought in 2010 at a cost of US$257 million. The previous Zambian government sold Zamtel to Lap Green Networks in 2010 after failing to recapitalize the company.

But the current government of President Michael Sata constituted a Commission of Inquiry to investigate how the company was sold. The inquiry produced a report that showed irregularities in the manner in which the company was sold.