Tanzania clarifies Lupita Island is not sold, rather transferred to another investor
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Tanzania's Ministry of Lands says Lupita Island in Lake Tanganyika is being transferred to another investor and has not been sold, after US investor Tim Draper announced plans to sell his investment.
Tanzania's Ministry of Lands, Housing and Human Settlements Development has clarified that Lupita Island, located in Lake Tanganyika, Nkasi District in Rukwa Region, is being transferred to another investor and has not been sold.
The clarification follows information circulating on social media after a statement by investor Tim Draper announcing his intention to sell the investment.
According to a ministry statement issued on August 31, Lupita Island is among areas designated for investment under the Tanzania Investment and Special Economic Zones Authority (TISEZA) and has been leased to Firelight Safaris Ltd, a company in which Draper, a US citizen, is among the shareholders.
The ministry said the Land Act, Cap. 113, provides procedures through which foreign investors can acquire land for investment purposes under TISEZA, which is the legal owner under the law. TISEZA leased the area and granted a Derivative Right to Firelight Safaris Ltd for the development and operation of a tourist hotel.
The ministry further clarified that Firelight Safaris Ltd is a legitimate investor in the area and is legally entitled to transfer its investment to another investor, provided the process complies with the country's laws and procedures.