Zambia: Libya's stake in Zamtel nationalised

Libya will do all it can to protect its 75 per cent stake in Zamtel, the fixed-line telecoms firm in Zambia, whose government announced plans last week to seize Libya's stake in the firm, Libyan Foreign Minister Ashour bin Khayyal said Monday. 'The Zambian government has taken a unilateral action by nationalizing this company,' Khayyal said, adding he had spoken to his Zambian counterpart about the issue at the African Union summit in the Ethiopian capital. The previous Zambian government had sold the 75 percent stake to LAP Green Networks for $257 million in 2010. Libyan Foreign Minister Ashour bin Khayyal said: 'Definitely this money is Libyan money, and owned by the Libyan people. We will exercise all our efforts to protect this money.'