IMPLEMENTATION LEVEL

National

AFFECTED FLOW

Inflow

ANNOUNCED AS TEMPORARY

No

NON-TRADE-RELATED RATIONALE

No

ELIGIBLE FIRMS

all

JUMBO

No

TARIFF PEAK

No
← back to the state act
Inception date: 23 Jan 2012 | Removal date: open ended
Still in force

FDI: Treatment and operations, nes

On January 23, 2012, the Zambian government announced to seize 75 per cent of the shares of the national fixed-line telecommunications company Zamtel owned by the Libyan firm LAP GreenN.
LAP GreenN, the African telecommunications arm of the Libyan Investment Authority, acquired 75 per cent of Zamtel for USD 257 million in 2010. Then the opposition came to power in Zambia and decided to sieze the assets of firms privatised by the former government. The new Zambian authorities claimed that the sale of Zamtel was fraught with irregularities in the tender process and involved the bribing of senior Zambian government officials.
In response, LAP GreenN argued that it 'will consider any and all legal options available, if necessary, whether in Zambia or in other jurisdictions, (...) to recover the company's significant investment in Zamtel'.

AFFECTED COUNTRIES

MAP
TABLE
EXPORT

Please report this page in case you detect an inaccuracy in its content.