The political opposition in the southern African country of Zambia has warned investors bidding for the country"s telecommunications company it will re-nationalize the company if elected in 2011, local radio reported Friday, according to dpa. The opposition Patriotic Front and United Party For National Development (UPND) opposes the privatization of the Zambia Telecommunications Company (Zamtel), saying the company should be recapitalized instead of sold. The party also accuse the government of not following due process in the sale. The Cayman Islands-based company that valued Zamtel was also contracted by government to oversee the privatization, without going through the normal tender process. Foreign investors willing to buy Zamtel were doing so at their own risk because the opposition would nationalize Zamtel directly after the 2011 general elections, if elected, UPND leader Hakainde Hichilema said Friday.
