No More Nationalizations, Says Sata, Except for Those He Wants to Nationalize

After taking a drubbing this week as the High Court moved to block his handpicked judicial review tribunal aimed at protecting his friends from a $3 million debt, President Michael Sata is changing the subject.  During a hasty press conference called on Friday late afternoon, the president disavowed all accusations that his government was bent on expropriating property from foreign and local investors.

President Sata said that claims from the opposition, foreign investors, and credit ratings agency that his government had started a trend of nationalization are false and misleading.  Sata said that the Patriotic Front government only intends to nationalize the companies and properties that it views as improperly or corruptly privatized.

Mr. Sata made the remarks this morning at State House as he received credentials from new Vatican Ambassador Julio Murat, High Commissioner Mujuma and Italian Ambassador Pier Mario Dacco.

“Don’t be misled that Zambia is going back to nationalization, we are not nationalising anything,” Sata said. “But anything which was privatised with corruption like Zamtel or ZANACO, we will move in,” he continued, referring to the two companies that were cited by handpicked Commissions of Inquiry reports.

Exclusive To Zambia Reports

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