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Money lender sues Lusaka man over loan

 

A Lusaka businessman has sued Emannuel Chileshe in the High Court demanding payment of K89,600 which he borrowed on December 12 last year.

According to a statement of claim filed in the principal registry last week, Bernard Chishimba, a money lender, said Chileshe on December 12 last year borrowed K81,400 after the parties entered into a written loan agreement. He submitted that Chileshe gave him a certificate of title for Plot No. 24850 Libala South as security for the loan.

The plaintiff stated that it was agreed that in default of payment, interest would be charged until all the money due is paid.

He stated that the money had accrued to K89,600 and that the defendant acknowledged owing.

Chishimba, however, stated that in defiance of the terms of the agreement, Chileshe has failed to settle his indebtedness despite the plaintiff affording him several extensions and ample opportunities to pay back the money.

The plaintiff stated that the defendant had breached the contract entered into by the parties to the detriment of the plaintiff and therefore claims payment of the K89,600, damages for loss of opportunity to use and invest the money, interest at the bank lending rate on all money found due, all costs incidental to the proceedings and any other relief that the court might deem fit.

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