Zambia takes over Libyan telecommunications shares 

Zambia's populist new government says it is seizing the 75 percent share of the national telecommunications company that the previous administration sold to a Libyan company.

Soon after winning election last year, Michael Sata opened an investigation into alleged irregularities in the 2010 sale for $257 million of 75 percent of Zamtel to LAP GreenN, a telecommunications investment arm of the Libyan government, which at the time was led by the late Moammar Gadhafi.

Tuesday, a statement from the president's office said that based on the inquiry's conclusion that the price was too low, his government would "compulsorily acquire the 75 percent shareholding of LAP GreenN Network in Zamtel."

LAP GreenN has rejected any allegations of wrongdoing in its purchase.

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