Bank, firm in court battle to recover K192m

Thu, 29 Sep 2016 09:18:54 +0000

STANBIC Zambia does not have a stay of execution order to stop bailiffs from levying distress on the bank after the Lusaka High Court discharged the ex-parte order of stay granted pending hearing and determination for leave to appeal in a dispute involving K192 million.

According to an affidavit in opposition to ex-parte summons for a stay of execution of an earlier judgment, the complainant – Savenda Management Services – charged that following Mr Justice Sunday Nkonde’s ruling of 20th September, 2016, the bank had lost the stay obtained to restrain bailiffs from levying the bank.

Savenda Management Services managing director Clever Mphoa insisted that the court must dismiss the application to appeal the judgment that waived the order to stay the execution to recover money owed by the bank.

Mr Mphoa explained that initially, the bailiffs from the sheriff’s office moved in to levy distress on the bank on September 21 but that an agreement was reached to offset a part of the money owed.

“That since there was no stay of execution of the said judgment the Sheriff of Zambia and his bailiffs moved in to levy execution on the defendant, on 21st September 2016 and that on the same material day of execution, the defendant freely and voluntarily proposed to pay 5 percent of the K192,500,000 and transferred a sum of K2 000 000 to the plaintiff’s advocates account, Messrs N. Makayi and Co.

“That despite the defendant agreeing and admitting to pay 5 percent of K192,5000,000 and delisting the plaintiff from Credit Reference Bureau (CBR), they have not done so, save they only paid a sum of K2,000,000 on 21st September, 2016 as aforesaid,” he said.

On Tuesday, bailiffs raided the Stanbic Bank head office building and were seen loading office furniture on big trucks which was later reportedly returned following a court action to counter the ruling against the financial institution.

The bank’s premises were under lockdown as the bailiffs loaded the chairs and tables onto the trucks as staff were seen helplessly looking on from outside the barriers.

The court is yet to make a ruling on the application from the bank.