Money News - In Brief
- The Libyan Investment Authority is trying to recover its stakes in sub-Saharan telecom operators, Jeune Afrique reports. LIA subsidiary LAP Green Networks (LGN) held stakes in nine African poperators at the end of 2011, including Sotel Chad, Cote d'Ivoire's GreeN, and South Sudan's Gemtel. Some governments have taken advantage of LIA's asset freeze during the revolution to take control of operators. Zambia took 75 percent of Zamtel in January, a stake that cost LGN USD 257 million when privatised in 2010. LGN is suing for USD 480 million in damages. Nigern nationalised Sonitel in May, ending plans to sell a 51 percent stake in its licence for USD 62 million. In May, LGN used the 69 percent it has held in Uganda Telecom since 2007 to retake control of its subsidiary Ucom, after the government took control despite only owning a 31 percent share.