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LAP Green Chairman Says "SATA's PF Gov't Assertions That ZAMTEL Was Undervalued Is BASELESS"

Home » Headlines » LAP Green Chairman Says "SATA's PF Gov't Assertions That ZAMTEL Was Undervalued Is BASELESS"

By Editor on January 19, 2012.

Sata's PF gov't asserstions that ZAMTEL was undervalued are 'BASELESS'

LAP Green Network Chairman Wafik Alshater has described as completely baseless accusations that Zamtel was undervalued at the point of sale.

Mr Alshater in an electronic statement released to QFM has also dismissed allegations of wrong-doing by LAP Green during the acquisition of the 75 percent stake in Zamtel.

Mr Alshater claims LAP Green followed due, facilitated by a consortium of internationally renowned professional service companies, including Standard Bank, Denton Wilde Sapte and KPMG South Africa.

He says the open and competitive bid process was overseen by the Zambia Development Agency and included the direct involvement of the Attorney General and international legal advisers, Simmons and Simmons.

Mr Alshater adds that the 75% stake sold to LAP Green in June 2010 for $257 million about K1.37 trillion constituted the highest amount ever paid for a privatisation in Zambia and was at the time one of the higher valuations for a telecoms asset in Africa

He says Zamtel is a successful turnaround story and that LAP Green remains keen to cooperate with the Zambian government to ensure the continued growth and success of the company.

And Mr Alshater has accused the media in Zambia of subjecting LAP Green to a concerted campaign of misinformation.

He says the wilful misrepresentation of LAP Green has forced the company to explore legal options to protect its reputation.

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