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Saturday, August 8, 2020

261 workers sue Stanbic Bank for increasing Interest rates on their Personal Loans

Economy 261 workers sue Stanbic Bank for increasing Interest rates on their Personal...

Two hundred 61 workers from Mopani Copper Mines have applied in the Kitwe High Court to be joined to the matter were 154 of their colleagues have sued Stanbic Bank for unilaterally increasing interest rates on their personal loans.

According to a joinder of parties submitted to the Kitwe High Court, the Mopani Copper Mines workers want to join the matter where they are challenging Stanbic Bank for increasing their interest rates from 15 to 40 percent.

This brings to 415 the number of Mopani Copper Mines who are challenging the bank on its decision.

And according to the affidavit in support of the summons for the joinder of parties, the first plaintiff Rodgers Chalwe has contended that the 261 workers have the same disputes like the plaintiffs.

Mr. Chalwe has argued that the joinder will not prejudice the defendant in any way as it is a mere addition of the plaintiff.

In May, the Kitwe High Court dismissed Stanbic Bank Zambia’s application for a Stay of Proceedings in the matter where 154 workers of Mopani Copper Mines had sued the bank for unilaterally increasing interests from 15 to 40 percent on their personal loans.

Kitwe High Court Judge Abha Patel also dismissed Stanbic Bank’s application to have the matter referred to arbitration.

The ruling led the matter to proceed to trial.

15 COMMENTS

  1. Lack of reading mu Zambia. These guys didn’t read the small print . This is why I married a very intelligent well read white swiss woman

    • You did well to marry that woman because like those miners you also lack something. Unfortunately for the miners there aren’t many Swiss women to go round that side

    • I think it has nothing to do with “lack of reading”. If the bank is willing to go to arbitration, then it is acknowledging that it did something wrong. Let’s support our fellow Zambians when they fight for their entitlements. Forever, supporting foreigners at the expense of our own people is what is killing us as a nation.

  2. Small print likely, or just signing without reading at all, in desperation to get the money and buy a car for the wife to pose.

    • Stanbic is a vulture bank. How many Zambians are going to be crooked by this bank before we as a people recognize that we don’t need it in our country. It has been linked to bribing judges, money laundering, corruption and killing off Zambian entrepreneurs through exorbitant interest rates.

  3. Zambians let us promote village banking as a way of getting the the most out of our earnings. Banks are owned and managed by thieves.

  4. Zambian banks and Network providers are making a killing off docile people …just last year they were charging people to withdraw money from their own current account.
    I dont think this is a case of the small print if it was the high court would never tolerate it and no lawyer would have wasted their time.

  5. GRZ over borrowing must be stopped if we as citizens are to enjoy lower and predictable interest rates!
    When GRZ borrows carelessly, there is crowding out effect on the citizens and the private sector. BOZ raises the monetary policy and banks have to comply. When banks collapse, the economy follows.
    So we need to look at the bigger picture of Zambia’s fiscal health. As for the plaintiffs in this case, we can only hope the bank made a mistake and that the rarely read small print is on the side of the plaintiffs! Remember that suing is one thing and winning the case is another. The question to ask is why is it that others are prospering with the same bank and others think the bank is disadvantaging them? Is Financial Literacy deficient somewhere?

    • It’s a shame that this Bank has taken advantage of the poor Zambian
      exploiting them to the level were they cannot survive and the Government is allowing. We are slaves in our own country, we may have gotten independence but we are still colonized by these selfish Banks like Stanbic Bank. It’s not only the miners who are crying even companies in Lusaka have been subjected to these harsh and inhuman conditions in the name of high inflation rates.
      I got a loan in 2013 and according to our PAY ROLE it finished in February 2019 but to my surprise i was told that i still owe them K37,000. What is so annoying is that in 2016 the outstanding balance was K37,000 and even now it still showing the same amount.

  6. “Two hundred 61 workers” first time I head of such a sentence construction. Results of running away from school at break

Comments are closed.

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