THE Zambia National Commercial Bank (ZANACO) has taken legal action against former Malole Independent MP Emmanuel Musonda Munaile, seeking the payment of K423,419.45, which represents the outstanding balance on a personal loan. In a statement of claim filed with the Lusaka High Court Commercial Registry, ZANACO stated that Munaile was granted a personal loan of K375,000 on June 10, 2022. The bank is also seeking interest on the outstanding amount. ZANACO’s statement revealed that Munaile failed to settle the loan, with the outstanding balance as of June 6, 2024, totalling K423,419.45. According to the bank, the loan was supposed to accrue interest at a variable Bank of Zambia policy rate of 9% plus a margin of 18.75%, making a total...
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