LAP GreenN finally takes legal action against Zambian government over planned repossession of its acquired 75% shares in Zamtel.

By John Chola, 19 January 2011 - Lusaka Zambia. LAP GreenN, a Libyan government's telecoms company alleged to have fraudurantly acquired the 75% shares in Zambia's Zamtel has finally taken legal action against the repported plans by the Zambian government to repossess the company.lAP GreenN says this is in response to continued unsubstantiated news reports appearing in the Zambian media regarding LAP GreenN's purchase of its 75% stake in Zamtel. Alex Margot-Duclot of portland communications has told this newswire via telephone from London that newly appointed Chairman of LAP GreenN, Wafik Alshater, has announced that: "LAP GreenN is being subjected to a concerted campaign of misinformation via the Zambian media. The wilful misrepresentation of LAP GreenN has forced the company to explore legal options to protect its reputation."LAP GreenN categorically rejects any allegations of wrong-doing during the acquisition of its 75% stake in Zamtel. At all times LAP GreenN followed due process, facilitated by a consortium of internationally renowned professional service companies, including Standard Bank, Denton Wilde Sapte and KPMG South Africa. The open and competitive bid process was overseen by the Zambian Development Agency and included the direct involvement of the Attorney General and international legal advisers, Simmons and Simmons." Mr. Alshater claims in a statement that the 75% stake sold to LAP GreenN in June 2010 for US$257 million (ZK1.37 trillion) constituted the highest amount ever paid for a privatisation in Zambia and was at the time one of the higher valuations for a telecoms asset in Africa.He adds that accusations that Zamtel was undervalued at the point of sale are completely baseless."Zamtel is a successful turnaround story and we remain very keen to cooperate with our partners in Zambia to ensure the continued growth and success of the company." he insists. LAP GreenN is the telecommunications investment arm of Libyan African Portfolio (LAP), focusing on the telecommunications sector in emerging markets. It operates mobile, fixed and ISP telecommunications businesses in Uganda, Zambia, Ivory Coast and South Sudan and has licenses to operate in an additional five countries. LAP GreenN is actively seeking to increase its footprint across Africa and the Middle East.ENDS