LUSAKA Jan 24 (Reuters) - Zambia has dissolved the board of Libya-controlled Zamtel and appointed a new acting CEO, the government said on Tuesday, a day after it announced plans to seize 75 percent in the fixed-line operator from owner LAP Green Networks.
The government said in a statement it would restructure the ownership of Zamtel to ensure Zambians owned the bulk of the company. "The President has ordered the dissolution of the board of Directors of Zamtel," Lusaka's State House said in the statement.
Zambia's finance minister said on Monday the government planned to take back the 75 percent stake, which was sold by the previous administration to the Libyan operator for $257 million. A government inquiry in November ruled the 2010 transaction illegal. Zambia last week seized bank accounts belonging to Zamtel as part of a money-laundering investigation.
"...he believes that when you've worked hard, and done well, and walked through that doorway of opportunity...you do not slam it shut behind you...you reach back, and you give other folks the same chances that helped you succeed."