Lusaka lawyer, Lewis Mosho, has been sued at the Lusaka High Court by First National Bank (FNB) Zambia for alleged failure to settle an outstanding debt of over K300,000.
The Bank filed a suit against Mosho, demanding for the outstanding debt of K289, 804.00 and K82, 858.80 in separate loan accounts.
The plaintiff is further demanding interest on the said debt.
According to a credit agreement entered into on August 8, 2022, Mosho got a personal loan facility of K100,000 from the bank.
“It was a term of the credit agreement that the money would attract interest at tte bank rate of Zambia monetary policy committee rate ( at the time of 9 percent annum) plus margin of 22.50 percent brining the effective interest rate to 31.50 percent per annum,” it stated.
The plaintiff said the loan facility was to be repaid in 12 monthly installments of K10, 065, beginning August 30, 2022.
Mosho allegedly obtained another personal loan in October, 2022 of K350,000
It was agreed that the loan would be repaid in 12 months instalments of K35, 177.65 , beginning August 30 ,2022
“In breach of clause 14 of the credit agreement of August 30 2022 the defendant defaulted on his loan repayment instalments,” it said.
FNB stated that due to the defendant’s failure to settle the loan, it had suffered loss and damage.
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