BARCLAYS Bank has sued Lusaka lawyer Mutakela Lisimba for failing to settle over K230 million (KR238, 238) balance of a home loan facility.
According to originating summons filed in the Lusaka High Court commercial registry, Lisimba and Matembo Matongo Lisimba have been cited as first and second respondents respectively by Barclays Bank.
The bank has asked the court to order Lisimba to pay K238,888,172. 64 (KR238,888) being balance of monies owed under a home loan facility granted to him by the bank and secured by the second respondent.
The bank also want an order that should Lisimba fail, neglect or refuse to pay the balance he owes, the third party mortgage created by the second respondent in favour of the bank in respect of stand number 9713 Chudleigh in Lusaka be enforced by an order of foreclosure, possession and sale of the said mortgage property.
Barclays Bank head of collections and recoveries Mwaka Moonga stated in an affidavit in support of originating summons filed in court that by a written home loan facility letter executed on or about July 7, 2010, the bank agreed to lend and Lisimba agreed to borrow the loan of K250, 000,000 (KR250,000) .
Moonga stated that the repayment of the said loan was secured by way of a third party mortgage over the second respondent's property stand number 9713 Chudleigh.
The affidavit stated that it was an express term of the home loan facility that Lisimba would repay the same in equal monthly instalments of K5,512,024.22 (KR5,512) together with interest.
It stated that in breach of the said loan agreement, Lisimba had failed to honour his monthly repayment obligations, thereby resulting in the loan account standing in arrears of K238,888,172.64 as at November 27, 2012.
It further stated that despite repeated reminders, Lisimba had neglected, failed, or ignored to settle his indebtedness to date.
The affidavit further stated that the bank now seeks to foreclose, obtain, vacant possession and exercise the right of sale of the mortgaged property.