By GRACE CHAILE
LUSAKA lawyer, Mutemwa Mutemwa trading as Mutemwa Chambers, has entered into a consent judgement with First Capital Bank Limited in a matter he was sued for failing to settle a loan facility amounting to more than K600, 000, obtained in 2016.
According to a consent judgement filed in the Lusaka High Court, but not yet endorsed by the Judge, the parties agreed that the judgement would be enforced in favour of First Capital bank limited.
“That final judgement be and is hereby entered in favour of the plaintiff for the sum of K666, 474.10 against the defendant, interest and legal costs. Legal costs are agreed at the sum of K66, 647.40, all inclusive, payable by the defendant to the plaintiff’s advocates,”
“That the aforesaid judgement debt and costs shall be paid on or before June 30, 2023 and that in the event of default in the payment debt and legal costs aforesaid, the plaintiff shall be at liberty to levy execution without leave of court to recover any outstanding amount,” read the consent judgement.
According to a statement of claim, First Capital bank is seeking an order for payment of K666, 474.10 as at June 26, 2019, being the outstanding amount of the overdraft facility that was furnished to Mr Mutemwa by it on August 15, 2016.
The bank stated that by the facility letter dated August 15, 2016, Mr Mutemwa was availed with an overdraft facility as working capital in the sum of K350, 000.00 for a period of 60 days from date of disbursements.
According to the facility letter, the overdraft was stated as a revolving line of credit but was payable to the plaintiff by the defendant on demand together with the interest agreed at 37.5% per annum.