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Haabazoka court case discontinued


A MEDICAL doctor has discontinued a court case where he accused economist Lubinda Haabazoka, and two others of fraudulent representation and demanded K540, 000 being money he injected into a financial business.

According to documents filed in the Lusaka High Court, Dr Jesse Musokota Mumba alleged that Dr Haabazoka and Ms Mirriam Nachilima who are both shareholders in Bedford Microfinance Limited proceeded to use his investment despite not formalising transfer shares at PACRA.

Dr Mumba said that they entered into negotiations and agreed that he would invest K450, 000 which would equate to 30 percent shareholding in Bedford Microfinance Limited.

He added that a board resolution was drafted to cement the negotiations and also highlighted that the financial company would effect changes at Patents and Company Registration Agency (PACRA) to reflect his name as a shareholder.

He said that the money was paid into Bedford Financial Limited account no. 62848823747 with First National Bank (FNB) Zambia.

Dr Mumba stated that despite paying the said amount, there were no changes made at PACRA.

He was therefore claiming a refund of K540, 000 which included interest being money he invested in the financial company.

Dr Mumba wanted damages for fraudulent misrepresentation.

He wanted the court to direct the defendants to provide and furnish all documents including statements of account relating to the Investment.

He was seeking a declaration that the agreement allocating 30 percent shareholding to him is void in so far as it purports to be a shareholders agreement.


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