Zambia’s company registry reversed a decision to strip Israeli diamond billionaire Lev Leviev of his 50% stake in an emerald mine that’s at the heart of a $50-million dispute.
The Patent and Companies Registration Agency, or Pacra, said in a letter on Thursday that it reversed the forfeiture of the shares Leviev held in Gemcanton Investments Holdings through his local unit. The letter came a day after Leviev’s lawyer, Dickson Jere, threatened to institute legal and criminal proceedings following changes to Gemcanton’s shareholding on December 31.
The changes had been “inadvertently accepted” by Pacra as the agency became aware that disputing shareholders had an ongoing court case, according to the letter obtained by Bloomberg.
Vaida Njobvu, a spokesperson for the agency based in Lusaka, the capital, wasn’t immediately able to verify the letter.
Wolle, a company owned by Abdoulaye Ndiaye, who built the Gemcanton mine before selling 50% to Leviev, has been in legal battles with Leviev’s company, which claims Ndiaye owes it more than $50-million.