JACOB MULENGA IS NOT A REGISTERED MONEY LENDER; AN ILLEGAL CONTRACT IS VOIDABLE
Information has emerged that the loan agreement between former Chipolopolo striker Jacob Mulenga and Kalusha Bwalya cannot be enforced in a Zambian court because the lending party is not a registered tax paying entity in the country.
In order to legally lend money, a company must be registered with the Bank of Zambia and be tax compliant with the Zambia Revenue Authority.
Records at Bank of Zambia and ZRA indicate that Mulenga does not own a lending company.
The terms of the agreement between the two parties are in conflict with money lending regulations as provided by the Bank of Zambia.
In a law suit file against former international Kalusha Bwalya, Mulenga is demanding 100% and 50% interest on a loan he gave to Kalusha.
Mulenga gave Kalusha a total of $50, 000 which principal amount the latter has since paid. The $50, 000 Mulenga is demanding arises from the 100% interest the two mutually agreed on.
Mulenga is based in Holland and using his family address in Kitwe to pursue the issue in the Zambian court.