Wed, 12 Sep 2012 21:20:12 +0000 The Lusaka high court will tomorrow hear a matter in which finance Bank is demanding $4 Million from Fred Mmembe and the Nchito brothers, which money the bank claims was obtained by fraudulent misrepresentation. The matter which comes before Judge Nigel Mutuna follows Zambian airways indebtedness in which the trio were Directors. The three are being held personally liable for the money because they fraudulently, obtained the money when they knew that the company could not pay it back. In a statement of claim before the court Finance Bank, then represented by Sunday Nkonde noted that Mutembo Nchito and Fred M’membe through false misrepresentation obtained the money knowing that there was no way that Zambian Airways would pay back. The amount includes overdraft and interest on it. The bank is also seeking damages against Mutembo Nchito, Nchima Nchito and Fred M’membe for fraudulent misrepresentation because the trio borrowed in […]
Nchitos, M`membe in court for US 4million fraudulent misrepresentation
