Zamtel takeover leaves LAP GreenN deeply worried...........as President Sata announces total repossession of the telecoms firm.

TUESDAY, January 24, 2012 – By John Chola LAP GreenN says it is deeply worried by today’s announcement by the Zambian Government that it has reversed its acquisition of 75% in Zamtel. Chairman of LAP GreenN, Wafik Alshater has told this newswire in a statement a while ago that: “Our primary concern now is for our talented workforce, and for our one million subscribers who rely on our services to conduct their businesses and speak to their families and friends.” Mr. Alshater laments that over the last few weeks, they have made numerous attempts to find an amicable solution that satisfies all the parties involved and secures the best possible outcome for employees and subscribers. “We regret that the Zambian Government has not given us an opportunity to meet and discuss this matter,” Mr. Alshater laments. He says under LAP GreenN ownership, Zamtel has moved from a state of near insolvency to become a national success story. As well as growing Zamtel’s subscriber base by over 600% in just over 18 months, and created 1700 jobs in Zambia. “As we have stated all along, LAP GreenN categorically rejects any allegations of wrong-doing during the acquisition of its 75% stake in Zamtel. Our acquisition was made through an open, transparent and competitive bidding process, overseen by well-respected international professional organisations and in strict adherence to Zambia’s established legal framework,” insists Alshater. He says LAP GreenN still hope this situation can still be amicably resolved. “We welcome an opportunity to work with the Zambian Government to achieve this,” reiterates Alshater. 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. Earlier today Zambia’s President Michael Sata announced that government having accepted without reservation the report on the findings of the Committee Investigating the sale of Zamtel, as President of the Republic of Zambia deemed it desirable and expedient to compulsorily acquire the 75 per cent shareholding of Lap Green Network in Zamtel. Mr. Sata said henceforth the appropriate notice under the law had been given. The President said consequently he had ordered the dissolution of the Board of Directors of Zamtel. Mr Sata has appointed Dr Mupanga Mwanakatwe, Chairman and acting Chief Executive Officer as a first step to regularize the affairs of the company. A new board will soon be put in place to give the policy guidance and direction to management and staff. President Sata has further directed management to address the plight of Zamtel workers with due immediacy. “There should be no loss in jobs except through retirement and attrition while maintaining the highest levels of discipline and respect of law,” President Sata said. “Zamtel workers have served with distinction in an area of sophisticated information technology. This has been so from the inception of the company.” President Sata declared his relentless commitment to his duty as custodian of the interests of the Zambian people and assured the Zamtel workers their traumas and anxieties would be ended. Government will restructure ownership of Zamtel to ensure Zambians owned the bulk of the shares in a revitalized Zamtel. Ends.