Vehicles, the main computer Saver and various pieces of office equipment that were recently seized from Stanbic Bank Zambia Head Office by bailiffs from the Sheriffs of Zambia office will tomorrow be auctioned.
Four Toyota Hilux vehicles, a Hino Truck, a Nissan Van and a computer server are all part of the assets belonging to Stanbic that will be auctioned on Wednesday.
Other pieces of office equipment include Lounge suites, photocopiers, office chairs, carpets, refrigerators, fillings and microwaves and others to many to mention.
This follows a High Court ruling which granted Savenda Management Services damages amounting to K192.5m against Stanbic Bank Zambia for loss of business resulting from its negative credit agency listing.
Justice Justin Chashi awarded damages to Savenda for losing significant contracts after being reported by Stanbic bank to the Credit Reference Bureau for defaulting on instalments.
Justice Chashi found the non-payments were the bank’s fault and made other findings that will affect relations between other businesses and their bankers.
The auction will commence in the afternoon at the Sheriff’s office at Kambala road in the Light Industrial area while a similar auction of the saver and other bank equipment will take place at the Bank’s Headquarters on the same the afternoon.
Tough economic climate under pf. Even banks are not immune.
If this bank pull out of Zambia , it will send a bad message about doing business in Zambia. Then more banks will start pulling out one by one.
This is pure dununa reverse. I smell a rat here. I think the bank refused to give PF government a loan and it responded by using a case of its client to punish the bank.
Just my speculation which most of the time have come true.
But what has this got to do with Politics? What a very bad media team indeed!
Shame! Is this not the same bank that has facilitated the coming of the UB40 to Lusaka this weekend?
What goes around comes back around. Great tune.
Let them withdraw, how hard would it be for our own people to form and run banks?
Very hard. Investrust Bank is already limping. A number of Microfins are struggling too.
Learn to understand issues. Even In the usa and uk. Banks have been punished for not following proper procedures. Research before you comments on issues like these
Upnd can’t even acknowledge that the bank was at fault and the law simply took its course. No wonder they promised to write off Mmembe ‘s tax owing to ZRA. Ati they will pull out, so what? You want investors to go unpunished for breaking the law?
uzadya matubvi iwe yembekeza chabe…
What makes you think I can eat what you’re suggesting? Maybe where you come from people eat matuvi for how else can one suggest such an evil menu?
Iwe jameson, this bank doesn’t behave like that here in RSA. Here they respect laws, why can’t they do the same in Zambia? Imwe vi UPND learn to move and call a spade by its name
The way the credit reference bureau was set up in Zambia is a bit savage. I’ve heard they even record each time one buys talktime under siliza. Scary considering that this record can be used against you. It is a private entity regulated by nobody. This sends out a good message to all lending institutions that use the reports from bogus agency wisely otherwise they will be sued. precedent has been set.
Your information is incorrect. Defaulters on Siliza are reported and not just anyone. For your information, the CRB is regulated by the Bank of Zambia.
Speaking from a point of ignorance their ba Lady!
This is a good lesson to these banks, who think they can just add negatives to ones credit file…imagine how many individuals who have had their files crossed and have been out of pocket. I hope the regulators and association review the were negatives are added to files.
By the way Editor what is a Computer “Saver” …let be serious and have passion in our work …dictionaries are free online.
Lol at saver, instead of Server.
why have we become so petty in zambia that even things away from politics, people include politics then now i have to acknowledge that the last elections have left this country divided. i mean the bank was sued for lose of business how this has turned into politics i have no idea. i think lets raise above politics and go back to our normal lives..whether one likes it or not the government is in place and next time they will be elections is 2021 so lets move on people.
Yes lameck, this how bad and desperate it’s become for some people. Just look at insult by 5.1vyc
Lusaka times get serious reporters.The sale of assets won’t go on as Stanbic got a stay of execution. They have hired the legal services of Eric Silwamba and from the look of things,the judgement by Judge Chulu will be thrown out.
That judgment is very suspicious. K192m is like $19m, what business is this company into and was there enough evidence that this company was likely to generate business worth that much money if the bank had not taken such action? How much revenue did this company earn in the year preceding the one in question? Or even average revenue for the past 3 years?
Teekay, those are the questions people in the legal and financial fraternities must be answering instead of the political paranoia we are reading above.
It is imperative that we move away from political braggadocio when discussing intellectual subjects.
This case is suppose to be teaching both business executives that suffer at the hands of these banks and the banks in Zambia that their are laws which govern the operations and actions of the banking institutions in Zambia.
Leave the political braggadocio to ECL, HH, GBM, Canisius, et al.
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