Savenda Management Services Limited has sued Stanbic Bank Zambia in the Lusaka High Court seeking an order for immediate payment of over K7.6 million, an outstanding amount of the damages ordered by the court in their previous case.

Savenda is further seeking an order for damages of breach of contract, interest, costs and any other relief the court may deem fit.

In a statement of claim filed in the Lusaka High Court Commercial registry, August 28, Savenda Management Services explained that on or about February 13, 2014, it commenced proceedings against Stanbic Bank Zambia under cause number 2014/HPC/0076, by way of writ of summons and statement of claim.

It further stated that it claimed K192,500,000.00 damages for loss of business, an order that Savenda be immediately de-listed from the Credit Reference Bureau (CRB), damages for negligence, injury to business reputation, costs and any other relief.

Savenda stated that on or about August 17, 2016, judgment was delivered in its favour and the court found that it had proven its case on a balance of probability and was entitled to all the reliefs sought.

“Savenda levied execution against the goods of Stanbic Bank by Writ of Fieri Facias and the court bailiffs seized the bank’s good as may be sufficient to realise the judgment debt and any related expenses. On or about September 21, 2016, Stanbic Bank negotiated with Savenda’s lawyers at the time to stop the execution and entered into an agreement for the following – K9.625 million was to be paid towards the judgment sum inclusive of legal costs, the sheriffs fees was to be paid and the process of de-listing Savenda from the CRB was to begin,” read the statement of claim.

“Relying upon Stanbic’s undertaking mentioned above and Stanbic having paid K2 million towards the agreed K9.265 million, Savenda instructed the sheriff to stop the execution.”

Savenda stated that in breach of the agreement, Stanbic had failed to make the contractual payments when they fell due.

It added that Stanbic had made demands to be repaid K2 million and the sheriffs fees when they had already enjoyed the benefit which accrued once the execution was stopped.

Savenda lamented that in consequence of the failure by Stanbic to make the payments when they fell due, it had suffered loss and damages.

It now claims an order for the immediate payment of the balance of K7.625 million and damages for breach of contract.