Saturday, 16 April 2011

Zambia freezes Libyan investment‎

THE SEVENTY FIVE PERCENT SHARES OF LAPGREEN NETWORKS OF LIBYA IN THE ZAMBIA TELECOMMUNICATIONS COMPANY (ZAMTEL) HAVE BEEN FROZEN.
ZAMTEL MANAGING DIRECTOR HANS PAULSEN CONFIRMED THIS IN LUSAKA TODAY DURING A MEDIA BREAKFAST HELD AT PAMODZI HOTEL.
THE FREEZING OF THE LAPGREEN SHARES IN ZAMTEL IS IN LINE WITH THE UNITED NATIONS SECURITY COUNCIL RESOLUTION 1973 OF 2011, WHICH IMPOSES SANCTIONS ON LIBYA DUE TO THE POLITICAL CRISIS IN THE NORTH AFRICAN COUNTRY.
MR. PAULSEN SAYS WITH THE FREEZE, LAPGREEN NETWORKS CANNOT SALE ITS 75 PERCENT SHARES TO ANYBODY ELSE NOR CAN THE LIBYAN FIRM RECEIVE ANY DIVIDEND.
THE ZAMTEL MANAGING DIRECTOR SAYS THE ZAMBIAN GOVERNMENT TOGETHER WITH THE COMPANY’S BOARD WILL OVERSEE THE AFFAIRS AT THE FIRM.
MR. PAULSEN SAYS THE COMPANY’S OPERATIONS WILL CONTINUE TO RUN SMOOTHLY.

MEANWHILE MR. PAULSEN HAS REVEALED THAT ZAMTEL HAS MADE TREMENDOUS PROGRESS IN LAYING THE FIBRE OPTIC CABLE.
HE SAYS THE COMPANY IS REMAINING WITH 20 KILOMETERS WORKS TO THE SOUTH.

post by augustine

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