MULENGA SATA SUED
Three Lusaka businessmenn have sued late President, Michael Sata’s son, Mulenga sata and Hover Investments, Where he is director and owner in the Lusaka High Court.
In a statement of claim, the trio did borrow a total sum one hundred and fifty thousand United States dollars, a transaction was secured by a mortgage and three sureties thus being two houses and a college.
The three further accuse Mr. Sata of employing unorthodox lending systems on the pretext of unsettled loan by transferring the properties in his name despite the borrowers liquidating the loan.
The trio is now seeking the courts intervention to facilitate the retention of the said properties and funds paid towards offsetting the loan facility in excess of two hundred and seventy five thousand United States dollars.
These are lending habits brought about by PF. The “landmark” contradictory judgements in our courts in the past weeks to a limited company with a money lenders’ licence will fish out all these deals. Why would anyone who does not earn income in forex through exports borrow from the local kaloba market in forex?