LAP rejects reported sale of telecom assets

Mergers, Acquisitions and Financial Results

The Libyan African Investment Portfolio (LAP), which owns LAP GreenN, has rejected an unauthorised and fraudulent announcement that the Libyan Post Telecommunication and Information Technology Company (LPTIC) was to acquire LAP GreenN's African telecom assets. A Malta-based group, led by Faisal Gergab and claiming to represent LPTIC issued a statement on 24 August announcing the "strategic consolidation of several Libyan owned shareholdings in mobile and fixed-line network operating companies in sub-Saharan Africa", including the supposed acquisition of LAP GreenN.

A statement from LAP said Gergab was dismissed from his position as the chairman of LPTIC in October 2014 due to his unauthorised absence from work for several months. Gergab is also one of three people the Attorney General wants to question in relation to possible criminal activities, including the alleged unauthorised transfer of LYD 91 million (USD 66.5 million).

The statement said LPTIC official management in Tripoli are not responsible for the actions of Gergab and his fraudulent claims to represent LPTIC. Any contracts or purchases or sales of assets on behalf of LPTIC in Libya or outside Libya by Gergab or his cohorts will be considered as unauthorized fraudulent actions and LPTIC with its legitimate and authorized management in Tripoli reserve the right to pursue all legal means to protect LPTIC and its assets in Libya and anywhere in the world, it said. The statement said Gergab made the announcement unilaterally without authorization by the board of directors, the shareholders or the general assembly of LPTIC.
Source: Telecompaper 15 September 2015