A NAMIBIAN-based doctor and businessman has discontinued a matter in which he had sued former Economics Association of Zambia (EAZ) president Dr Lubinda Haabazoka and two others for alleged fraud involving over K540,000.

This is according to a notice of discontinuance filed in the Lusaka High Court, on April 22, by Dr Jesse Mumba.

“Take notice that the plaintiff herein has with immediate effect wholly discontinued this matter against the first, second and third defendants before this court,” read the notice.

Dr Jesse Mumba sued Dr Haabazoka and Miriam Nachilima as shareholders of the third respondent company known as Bedford Microfinance Limited, demanding that the defendants refund him K540,000, being monies paid as an investment.

Dr Mumba also wanted Dr Haabazoka, Nachilima and Bedford Microfinance to pay him damages for fraudulent misrepresentation and an order that the defendants provide and furnish all documents, including statements of account relating to the investment of K540,000.

The plaintiff was further seeking a declaration that the agreement allocating/assigning 30% of shareholding to him was void in so far as it purported to be a shareholders agreement.

In a statement of claim filed in the Lusaka High Court, March 31, Dr Mumba stated that he was a Zambian medical doctor currently practicing his profession in Namibia, while Dr Haabazoka was a Zambian businessman and a shareholder in Bedford Microfinance Limited.

Dr Mumba stated that Nachilima who had been sued as the second defendant was a business executive and also a shareholder of Bedford Microfinance Limited.

He stated that sometime in August 2020, he came across a post by Dr Haabazoka where it was stated that he was the proprietor of Bedford Microfinance Limited and they were looking for investors.

Dr Mumba stated that after contacting Dr Haabazoka, he was advised that the existing partners had injected more than K400,000 but more capital was needed.

He stated that through negotiations, it was agreed that he would invest K450,000 which would equate to 30 percent shareholding in Bedford and a board resolution was drafted to cement the negotiations and also highlight that Bedford would take full responsibility of effecting the changes with the Patents and Company Registration Agency (PACRA).

Dr Mumba stated that the board resolution was passed on October 24, 2020.

He stated that by the board resolution, he was made to make an investment of over K400,000 which was paid in intervals of K115,000 on September 15, 2020 and a further K150,000 on October 22, 2020 into Bedford’s bank account with First National Bank (FNB) Zambia Limited.

Dr Mumba stated that he signed at PACRA for registration as a shareholder but despite signing the documents which related to the registration and lodgment, which payments were supposed to be met by Bedford, it was not done, much to his detriment.

He stated that he had been negatively affected by the conduct of the respondents.