PR Girl Media Limited sued for failure to clear debt
By Staff Reporter
AB BANK has sued PR Girl Media Limited in the Lusaka High Court seeking an order for immediate payment of over K530,000 credit facilities it obtained from the bank.
The bank is also seeking an order that PR Girl Media Limited and three others should immediately pay K535,950,97 which is an outstanding balance as at July 12, 2019 on credit facilities advanced to them and guaranteed by its directors.
The plaintiff is further seeking an order of foreclosure, vacant possession and sale of the mortgaged properties;
Subdivision A of Stand number 1275.
The bank has also cited Agness Tonga, Abigail Nyambe Chishimba and Monde Mabuku Nyambe.
According to an affidavit by Binneys Chola of Lusaka, the bank’s SME loan officer,the PR Girl Media Limited was on February 28 this year availed credit facilities for the sum of K450,000 under credit control contact no. CR-01071001205-75 duly executed.
Chola stated that collateral was provided to secure credit facilities under collateral contacts no. CO-01071001205-75 which were duly executed between the bank and PR Girl Media Limited and Tonga.
He stated that the said credit facility was secured by as equitable mortgage over Subdivision A of Stand No. 1275 situate in the Lusaka Province in the name of Agness Tonga.
Chola stated that it was an express term of the loan agreement that the respondent would repay the loan in 11 monthly installments of K40,808.22 and one final installment of K40, 808.24 plus interest He stated that the said loan was also guaranteed by Tonga, Abigail and Monde by guarantee agreement dated November 14, 2017 ( Guarantee Agreement No. G-03071000054-06).
Chola stated further that despite numerous reminders and demands and all reasonable efforts to encourage the respondents to settle their indebtedness, they have failed, neglected or refused to do so.
He stated that through a letter dated July 3, 2019, the bank terminated the credit contact and recalled the outstanding loan which is now at K535,950.97 as of June 26, 2018.
Chola stated that the respondents’ failure to repay the credit has caused the bank to continue to suffer prejudice in form of loss of use of monies obtained which should have been utilized by giving out loans to other interested and deserving member of the public.
