Finsbury, Atlas Mara court battle rages

FINSBURY Investments Limited has told the Lusaka High Court that Imbwili Investments Limited was fully aware that it had bought its debt from Finance Bank Zambia Limited.

According to the organisation, emails, correspondence as well as court documents will show that Imbwili Investments was aware of its debt purchase between Finsbury and Finance Bank, therefore cannot deny owing any money.

In this matter, Finsbury has sued African Banking Corporation Zambia Limited trading as Atlas Mara, Finance Bank and Imbwili Investments, demanding that the trio fully settles the K33, 648, 819 (unrebased) loan outstanding as at July

31, 1997 with interest payable at the current banking rate. Finsbury Investments claims include an order that Atlas Mara failed to safeguard its interests with regard to Imbwili Investments amount to the economic tort(s) of inducing loss by unlawful means for which the plaintiff (Finsbury) is entitled to damages against the defendants.

It also wants an order that Imbwili Investments still owes the interest due under judgment cause number 1996/HP/2892 and for the payment of the total sums owing and outstanding from the third defendant.

But Imbwili in its defence claimed it did not owe Finsbury Investments Limited any funds under the mortgage and supplementary mortgages.

It has also stated that it was not aware of its alleged debt.

Imbwili Investments argued that the judgment is statute-barred or has expired due to time and as such cannot be enforced by the parties.

And Atlas Mara and Finance Bank in their combined defence contended that there was no legally binding assignment of the debt owed by Imbwili.