admindeemed it desirable and expedient to compulsorily acquire the 75 percent shareholding of LAP Green Network in Zamtel. The appropriate notice under the law has been given. Consequently, the president has ordered the dissolution of the board of directors of Zamtel,” Chellah said.
LAP Green, the Libyan government’s foreign investment arm, has denied any wrongdoing in its 2010 takeover of Zamtel.
President Sata, who succeeded former president Rupiah Banda in elections last year, had campaigned on a promise to reverse the sale, which he said had failed to serve the public good. He appointed Mupanga Mwanakatwe, an executive at mobile provider Airtel Zambia, as chairman and acting chief executive officer, in a move Chellah said was meant as a first step to regularise the affairs of the company.
“A new board will soon be put in place to give the policy guidance and direction to management and staff. President Sata has further directed management to address the plight of Zamtel workers with due immediacy,” Chellah said.
“There should be no loss in jobs except through retirement and attrition while maintaining the highest levels of discipline and respect of law,” he said.
Since assuming office in September, president Sata embarked on an anti-corruption drive, opening inquiries into shady business deals and retiring heads of parastatals whom he perceived as perpetrators of graft.
He has already reversed the US$5,4 million sale of a commercial bank, Finance Bank Zambia, to South Africa’s First Rand Group. – AFP.
Online Reporter
- Herald
- July 31, 2026
- 22 views
Economy: Growth signs visible
Martin Kadzere Senior Business Reporter ZIMBABWE has made significant progress towards achieving upper-middle-income status, with the country’s Gross National Income per capita growing by 84 percent since 2021, Finance, Economic…
