STANBIC sues former employee
an a a has dragged its former e oyee to the a a High Court for refusing to repay a loan facility of over K600, 000 given to him in 2017. According to its affidavit in support of summons filed in court, the bank stated that Edson Manuda being its employee was availed a staff house loan facility of K600, 000 together with accruing interest at staff rate of 8 per cent. The bank claimed that it was a condition in the loan agreement that the loan facility would be secured by a legal mortgage over farm No.50a/A/10/cl7 Makeni Saint Bonaventure Lusaka and that the same mortgage was lodged at the Ministry of lands on April 28 2017. It stated that the loan agreement was executed by Mr Manuda in his capacity as a borrower who undertook to settle the debt. The bank claimed that Mr Manuda had however failed to settle the debt despite undertaking to do so. Stanbic Bank stated that as at April 15 this year, his indebtedness stood at K607, 415.42. The bank stated that it had incurred costs and collection charges in its attempt to collect the money due to it. “That as a result of the respondent’s default in settling the indebtedness to the applicant, costs and collection charges incurred by the applicant in enforcing its claim. I verily believe that respondent is now indebted to the applicant in the sum of K607, 415.42 excluding legal costs and collection charges incurred in an attempt to collect this amount,” read the affidavit. And now the bank wants an order of payment of K607, 415.42 and an order for possession or sale of the mortgage property. It also wants interest, cost and any other reliefs that the court may deem fit.