Court NewsHeadline News

Minister Frank Tayali sued over unpaid K1m loan


Transport and Logistics Minister Frank Tayali, has been sued in the Lusaka High Court by an investment company over his failure to pay back a loan amounting to K1 million obtained in 2020.

Liki Investments Limited engaged in the business of investing money in other businesses for profit has sued Mr Tayali and Ms Sherry Tujali Sinzala as first and second respondents in the matter.

According to documents filed in the High Court commercial registry, the company seeks the court’s order that Mr Tayali and Ms Sinzala pay K1, 000, 000 plus interest at 48 percent per annum from the date of the loan to the date of payment.

It seeks an order of possession of Lot. No. 23080/M/A Lusaka or in the alternative appointment of a receiver over the said plot.

Liki Investments also wants the court to order sale of Lot.23080/M/A, costs and interests on all the amounts found due.

In an affidavit in support of originating summons, Liki Investments manager Bongani Maano, stated that the company and the respondents who were in need of capital entered into an investment agreement on July 1, 2020.

Mr Maano stated that the parties agreed Liki Investments would inject K1 million into the respondents’ business on condition that the said business must provide profits to the applicant for three consecutive months amounting to K750, 000 at K250, 000 per month.

He stated that Mr Tayali was required to pay back the principal amount invested, Mr Maano said, and that in accordance with the investment contract, the first profits were supposed to be paid on August 1, 2020, the second profits on September 1 and the last profits on October 2020.

He however said that the respondents up to date have neither paid a single Ngwee in profits nor the principal investment amount thereby wholly breaching the investment agreement.

Related Articles

Back to top button