An important development :
The reason why this matters is that Libyan Investment Authority owns ZAMTEL. LAP Green Network is part of the Libya - Africa Investment Portfolio, which is part of the Libyan Investment Authority, the sovereign wealth fund for Libya. There are fears that people will now steal the various parts of Libya - the sanctions aside.The European Union has agreed to extend its economic sanctions against Libya to include the country's sovereign wealth fund and central bank. Three other financial "entities" will also be targeted. The Libyan Investment Authority (LIA) wealth fund holds about $70bn (£43bn) and has stakes in a number of large European companies. The US has already frozen about $30bn of Libyan assets, including those of the LIA and central bank.
An EU spokesperson said: "The funds and economic resources of the five designated entities will be frozen and an additional name will be added to the list of 26 individuals deemed responsible for the violent crackdown on the civilian population since 15 February and subject to an asset freeze." The extended sanctions will come into force on Friday.
In the meantime, South Africa has frozen all Libyan assets on its soil :
The questions : What is the government's current assessment of the situation? What are we doing about the situation? Zambians deserve answers to these questions.South Africa's President Jacob Zuma has ordered the Treasury to freeze assets linked to Libyan leader Muammar Gaddafi and his associates, a government official said on Friday. "The process is underway and we are writing letters informing them that no money will be allowed to leave South Africa," foreign ministry spokesman Clayson Monyela, said without offering further details.
Local daily Business Day said the money is invested through the $5 billion Libya Arab Africa Investment Co (Laaico), through Libya Oil Holdings, Libya African Investment Portfolio and Libyan Foreign Investment Company (Lafico).
In South Africa, it owns Ensemble Hotel holdings, including the luxury Michelangelo Hotel in Johannesburg. Libya holds billions of dollars in assets in Africa through subsidiaries of its $70 billion sovereign wealth fund. The South African presidency said on Wednesday that Gaddafi called Zuma "to explain his side of the story". The statement said: "South Africa has openly condemned the loss of life and attacks on civilians and reported violations of human rights in Libya."