BoZ sues 19 ex-employees for failing to repay loans

The Central Bank has sued 19 former employees for failing to pay back loans they acquired.

In a statement of claim filed in the Lusaka High Court, The Bank of Zambia’s legal counsel stated that Polie Chikole and others were all given staff loans of which they failed to repay back after they were separated.

BoZ further stated that despite reminding them to settle the loan they had failed to do so.

The claim further states that it was difficult to recover the loans because the current whereabouts of some of the defendants were unknown.

The bank told the court that it had suffered losses and damages due to the non recovery of loans and sought an order for payment of the outstanding amounts in respect of each defendant.


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Why did BOZ fail to recover the loans from the dues on separation?

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