Zambia has launched an investigation into the legality of the 2007 sale of a minority stake in former state bank ZNCB to Dutch bank Rabobank.
The investigation was launched at the request of Zambian President Michael Sata, who after his election last year investigated and ordered the reversal of a number of controversial privatisations.
In 2007, Rabobank bought a 49-percent stake in then state bank ZNCB for about 6.3 million euros. At the time, there was widespread opposition to the transaction among Zambian unions and the opposition, of which Mr Sata was then a member.
Since his election, Mr Sata has already reversed a number of major international deals concluded under his predecessor because they allegedly were not in the best interest of the Zambian people.
The 2010 sale of telecom company Zamtel to a Libyan business for 191 million euros was reversed last week.
(gsh)
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