By GRACE CHAILE LESOETSACHITA Lodge Limited director James Chungu, has disputed claims by Development Bank of Zambia (DBZ) that the company owes about K97 million in a loan facility.Mr Chungu has submitted to the Lusaka High Court that the company has paid a total of K 26,746,302.40 from the total disbursement of K24, 825,268.82.He argues that the claim of K97, 907,282.31 on a facility of K24, 825,268.82 is a violation of the provisions of the Banking and Financial services Act, 2017.In this matter, DBZ has sued Chita lodge, Mr Chungu and another shareholder, Babsie Bulaya over an unpaid debt of K97 million.DBZ is seeking interest on the amount due of K97, 907,282.31 as at October 25 this year.It also seeks an order of possession of the properties namely, stand no.3705, Lusaka, stand no.1450, Samfya and Subdivision no.21 of farm no.484a, Lusaka.DBZ wants an order of foreclosure of the mortgaged properties and that the same properties […]
Chita Lodge disputes DBZ’s K97M debt claim
