Libya could seize Zambia’s assets abroad in lieu of outstanding compensation
By Sami Zaptia.
London, 20 April 2018:
LAP GreenN, a wholly owned telecoms subsidiary of Libya’s state-owned Libyan Post Telecommunication and Information Company (LPTIC), is considering the possibility of seizing Zambia’s overseas state assets in lieu of outstanding compensation, LPTIC’s Media Department informed Libya Herald.
LAP GreenN had obtained a court order ruling for over US$ 400 million and Zambia has defaulted four times on a US$ 257 million payment. The payments to the Libyan entity are for compensation after Zambia had nationalized LAP GreenN’s 75 percent ownership share of state-owned Zamtel, which it had purchased in 2010.