March 23, 2011 / 6:27 PM / 8 years ago

Zambia freezes Libyan government assets

Zambia's President Rupiah Banda gestures during the Reuters Africa Investment Summit held in Johannesburg March 8, 2011. REUTERS/Siphiwe Sibeko

LUSAKA (Reuters) - Zambia has frozen assets belonging to the Libyan government and its leaders in compliance with a United Nations resolution, the minister of finance said on Wednesday.

Among the assets was 75 percent of fixed-line phone operator Zamtel, bought last year by Libya’s LAP Green Networks for $257 million.

“My government will ensure compliance in the management of these assets to comply with the UN resolution,” said Situmbeko Musokotwane in a statement.

Musokotwane said Zamtel would continue to operate normally.

“It does not involve any interruption of operations or impediment to the normal operations of Zamtel,” Musokotwane said.

The frozen assets included investments in Zambia, Africa’s biggest copper producer, by listed representatives of the Libyan government and members of the current government, he said.

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below