Former Zanaco employee sues bank for non-payment of K16.1 million bonus

Zambia National Commercial Bank has been sued by its former employee in the Lusaka High Court for non-payment of a bonus of over K16 million, which the latter earned after recovering some monies due to the bank.

In a statement of claim filed in the Lusaka High Court principal registry, April 24, Charles Kamungu stated that he was a Lusaka resident and was at all material times, an employee of the Zambia National Commercial Bank Plc.

He stated that he was employed by the bank from May 24, 2000 to January 18, 2019.

Kamungu claimed that on May 17, 2017, he was appointed as the Director Strategy and Portfolio Workout upon which he was to recover assets due to the bank.

He further claimed that by a letter dated May 17, 2017, the bank agreed to pay him a bonus, which was to be calculated as a percentage of assets recovered.

Kamungu stated that as at December 31, 2018, he had successfully recovered about K161,000,000 from various clients who were indebted to the bank.

He added that the bank was aware of those details.

Kamungu claimed that the bank owed him about K16,100,000.

“Kamungu is owed about K16,100,000 by the bank, being 10 per cent of the total assets collected as provided for in the bank’s Asset Management Policy,” read the statement of claim.

Kamungu stated that in breach of the said agreement, the bank had failed or neglected to settle the amount he was claiming.

He added that the bank had also failed to abide by the terms of appointment agreed upon with him despite numerous reminders sent to it.

“The defendant (bank) is truly and justly indebted to the plaintiff (Kamungu),” read the statement of claim further.

Kamungu stated that he was also owing the bank about K1,200,000 after acquiring a loan during the tenure of his employment, which sum he stated, should be deducted from the sum determined to be owed to him by the bank.

He is now claiming payment of the estimated sum of K16,100,000 being monies due and owing for bonus of 10 per cent on assets recovered by him on behalf of the bank based on a contract entered between the two.

Kamungu is also seeking damages for breach of contract, interest, costs and any other relief the court deems fit.

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