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Israeli Billionaire Leviev's Zambia Emerald-Mine Stake Restored

  • Leviev had lost his 50% shareholding in emerald mine dispute
  • The two shareholders have been disputing Gemcanton ownership

Zambia’s company registry reversed a decision to strip Israeli diamond billionaire Lev Leviev of his 50 percent 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 Ltd. 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 Dec. 31.