Thu, 08 Dec 2016 10:15:06 +0000 By Chikumbi Katebe MONZE Municipal Council has been dragged to court by Zambia National Building Society for non-payment of loan facility amounting to K88 000. According to a statement of claim filed before the Lusaka Haigh Court, ZNBS have requested the court to help them recover K88, 744.78 being outstanding loan arrears in respect of employee loans obtained under a deed of guarantee executed by the two parties. The local authority entered into an agreement with ZNBS to provide a loan facility for the council employees which stated the period and monthly deductions expected from the beneficiaries. “Pursuant to the agreement, it was the duty of the defendant, as the guarantor to undertake recovery of loan repayments at the source on behalf of the plaintiff. “The plaintiff will aver that in breach of the deed of guarantee, the defendant has willfully neglected to either deduct and remit or remit […]
