Zamtel sale to LAP Green Networks may be reversed

18 Nov 2011

Zambia’s president, Michael Sata, announced yesterday that the sale of Zamtel to LAP Green Networks of Libya may be reversed following an inquiry which found that the telco was illegally sold, reports Reuters. The Libyan company acquired 75% of Zamtel in June 2010 for USD257 million amidst widespread criticism that the transaction was not transparent. Sata, who took office in September 2011, pledged in his electoral campaign to investigate the deal, saying that the sale was carried out for the benefit of officials in the previous government.

Zambia, LAP Green Network, Zambia Telecommunications Company (Zamtel)