Lap Green has filed a petition in the Zambian high court demanding the reversal of the seizure of the shares or compensation of $480 million. Additionally, Lap Green Networks is also claiming for substantial losses the company has suffered as the result of seizure of the shares.

The petition, filed in the Lusaka High court Monday, outlines Lap Green' right to financial compensation for the value of the asset at the time of seizure, should its shareholding not be restored.

Wafik Al-Shater, Lap Green's chairman, said in the petition that the seizure of the company's shareholding in Zamtel by the current Zambian government was illegal and unconstitutional and to the detriment of both Zamtel and its customers.

Al-Shater further disputes the legality of the Zambian government's claims that Lap Green Networks' shares were taken for "public purpose."

"We are compelled to take this course of action as dictated by the procedure set out in the Zambian law," Al-Shater said in the petition "Under Lap Green Networks management, we significantly increased the company's market share, leading to a 50% increase in revenue. The growth and prosperity that Zamtel saw under our management was unprecedented."