Zamtel sale to be reversed?
GOVERNMENT
By BiztechAfrica - Nov. 21, 2011, 2:30 p.m.
Last year’s sale of Zamtel to LAP Green Networks might be reversed, say reports.
Zambia’s new president, Michael Sata, is reported to have announced that the sale of Zamtel to LAP Green Networks of Libya may be reversed following an inquiry which cast doubt on the way in which it was handled.
LAP Green Networks bought 75% of Zamtel in mid-2010 for over USD257 million.
However, there were allegations that the transaction was not transparent and may have benefited the previous government.
LAP Green Networks has defended the deal, saying it had been done transparently and within the legal framework. The company said it would cooperate with Zambian authorities, but had not yet been approached by officials to discuss the deal.
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