Zambia pays first installation of 380 million USD award

In a London based arbitration, the Libyan Investment Authority secured a 380 million USD award against the Zambian government for nationalizing Zamtel, its telecom company in 2011. The Libyan company owned a 75 percent share of Zamtel through its subsidiary LAP Green, while the Zambian government owned 25 percent.

It was previously reported that the Zambian government had defaulted on the payment of the award. However, according to the Zambian Watchdog, the first installment of $49m has been paid to LAP GREEN registered in Mauritius, a subsidiary of the Libyan Investment Authority.

The LIA has brought similar claims against other African countries, including Rwanda and Chad. In the report, the LIA claims that these countries took advantage of “Libya’s political turmoil to nationalise assets belonging to the country’s $66 billion sovereign funds” following the eight-month long conflict that brought a brutal end to Muammar Gaddafi’s 40-year rule.

Source: Lusaka times, Zambian Watchdog

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