Nov. 8, 2022


2 min read

Govt promises to protect assets against Frazer Solar

Govt promises to protect assets against Frazer Solar

Prime Minister Sam Matekane

Story highlights

    Solar company claims to have seized Lesotho assets in Belgium
    Frazer Solar obtained order freezing Lesotho embassy bank account in Brussels

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THE government of Lesotho is ready to do everything in its power to protect the country’s assets in Belgium and everywhere else in the world.

This, after the German energy company, Frazer Sola claimed on Monday this week to have seized the country’s assets in Belgium, including the bank accounts of the Lesotho embassy in Brussels.

“A Belgium court has recognised Frazer Solar GmbH’s 50 million pounds’ arbitration award against the Kingdom of Lesotho’s assets in Belgium, including the bank account of the Lesotho embassy in Brussels.  This enforcement followed an international arbitration ruling against Lesotho concerning a series of contractual breaches related to a renewable energy project developed by Frazer solar,” Frazer Solar had said in a statement earlier that day.

In response to the claims, the government of Lesotho said while Frazer Solar, in total disregard, without any notice, approached the court in Belgium and obtained an order freezing the bank account of the Lesotho Embassy in Brussels, the country is doing everything possible to protect all its assets.

“Upon discovering that the bank account had been frozen, the embassy immediately relayed the message to Lesotho and as we issue this statement, the matter is in the hands of our lawyers in Brussels who have now filed papers in court in order to protect the Kingdom’s interests. The nation can therefore rest assured that the Kingdom of Lesotho will do everything it can to protect its assets in Belgium and anywhere they are,” the office of the Prime Minister said in a statement on Monday evening. 

The government revealed that its embassy only came to know about the frozen account through the bank when the embassy attempted to transact on October 24.

To date, the country still has not been served with Frazer Solar court process. An attempt was also made by the German company to attach Gem Diamonds assets in Brussels but it failed. 

In January 2020 the independent arbitrator awarded Frazer Solar 50 million Pounds in damages following a series of contractual breaches related to a renewable energy project developed by the company for Lesotho.

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In May 2021, Frazer Solar’s lawyers commenced a worldwide enforcement action against assets held by the Kingdom.

In its statement this week, Frazer Solar has urged the new Prime Minister Sam Matekane to leave the blunders and errors of the previous government in the past and work with the company to find an amicable solution.

Failing that, the company threatened to pursue the Kingdom of Lesotho in any international jurisdiction where it holds assets until it receives all monies owed to them.

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