FNB drags lawyer Mosho to court over unpaid loan
FIRST National Bank Zambia Limited has sued ‘shrewd’ Lusaka lawyer Lewis Mosho in the Lusaka High Court for non repayment of K372, 662.8 which is an outstanding balance of two loan facilities which he obtained last year.
The Bank wants the Court to compel the former Post Newspaper provisional liquidator to pay outstanding debt cumulative to k289, 804. 00 on loan account number 4000000159114 as at October 30, 2023 and K82, 858.80 on another loan account number.
In its statement of claim the Bank said that by
credit agreement dated August 8, 2022 made between the parties Mosho borrowed a K100, 000 from it and the terms of the the credit agreement were that the loan would attract interest at the current Bank lending rate at 31.50% per annum.
It was agreed that the interest would be , calculated on the daily outstanding balance and debited to the loan monthly.
FNB said Mosho committed to repay the loan in 12 monthly instalments at K10, 065. 04 on August 30, 2022.
It said Mosho got another loan worth K350, 000 on October 8, 2020 on the same conditions as the previous loan to be repaid in a year in monthly 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 in instalments,” FNB stated.
“Mosho’s loans with the plaintiff remain unpaid and stand at K289, 804.53 on the K350, 000 personal loan facility with account 4000000619114 and K82, 868. 80 on the personal loan facility of k100, 000
00 wiih account No. 4000000519112 as at October 30, 2023.”
It said it wrote to the lawyer on Marc 16, 2023 reminding him about the payment which he had defaulted and he was given a 15-day ultimatum in which to liquidate the outstanding balance failure to which legal action for recovery of the said amounts would be instituted.
It said despite several reminders the cash-strapped Mosho has neglected to clear the debt and as a result it has incurred a loss.
By Mwaka Ndawa