LAP Green owns 75 percent of Zamtel after buying a $257 million stake following the Zambian government's failure to recapitalize the company.

Over the past few years, LAP Green has pushed to further invest in the region's telecom market. Two years ago, LAP Green signed a $300 million financing agreement with the Industrial and Commercial Bank of China to fuel its expansion program in Africa through acquisitions of financially struggling incumbent operators.

But with a number of key countries breaking economic ties with Libya, analysts now fear there is a dark future for Zamtel and other networks across the region.

The Libyan Investment Authority Portfolio network, under LAP Green brand, is a pan-African mobile operator that has a presence in many African countries including Zambia, Uganda, Rwanda, Ivory Coast and Niger.

South Africa, Africa's largest economy, was the first in Africa to impose sanctions against Libya last month and froze all assets belonging to Gaddhafi and his government. Improvements to LAP Green's infrastructure have been funded by investments in Europe and America. But with the sanctions, the Libyan government is unable to borrow money from any lending institution for the further investment and expansion of its networks.