Libya: International telecoms investor in court battle for assets in Zambia

LAP GreenN, the Libyan Investment Authority’s international telecommunications arm and a major foreign investor in Zambia, said on Monday that it was disturbed by the decision last week in the Zambian High Court not to grant interim protection for its seized assets, which were legitimately purchased at a cost of US$257 million. In a statement, made available to PANA here, LAP GreenN said it had decided for valid reasons not to appeal the court decision, but to address the issue in its case against the government, which is scheduled in the Zambian High Court on 9 July, 2012. LAP-GreenN is an US$8 billion telecommunications investment arm of Libyan African Investment Portfolio (LAP) and it claims that its assets in Zambia now have a market-value of approximately US$480 million.