Transport and Logistics Minister Frank Tayali, has been sued in the Lusaka High Court by an investment company over his failure to pay back a loan amounting to K1 million obtained in 2020.
Liki Investments Limited engaged in the business of investing money in other businesses for profit has sued Mr Tayali and Ms Sherry Tujali Sinzala as first and second respondents in the matter.
According to documents filed in the High Court commercial registry, the company seeks the court’s order that Mr Tayali and Ms Sinzala pay K1, 000, 000 plus interest at 48 percent per annum from the date of the loan to the date of payment.
It seeks an order of possession of Lot. No. 23080/M/A Lusaka or in the alternative appointment of a receiver over the said plot.
Liki Investments also wants the court to order sale of Lot.23080/M/A, costs, and interests on all the amounts found due.
In an affidavit in support of originating summons, Liki Investments manager Bongani Maano, stated that the company and the respondents who were in need of capital entered into an investment agreement on July 1, 2020.
Mr Maano stated that the parties agreed Liki Investments would inject K1 million into the respondents’ business on condition that the said business must provide profits to the applicant for three consecutive months amounting to K750, 000 at K250, 000 per month.
He stated that Mr Tayali was required to pay back the principal amount invested, Mr Maano said, and that in accordance with the investment contract, the first profits were supposed to be paid on August 1, 2020, the second profits on September 1 and the last profits on October 2020.
He however said that the respondents up to date have neither paid a single Ngwee in profits nor the principal investment amount thereby wholly breaching the investment agreement.
No Coments. What is going on?
Politicians who are not in good standing with creditors and have problems paying should never be appointed into any government position. This is a recipe for corruption.
He was waiting to become cabinet minister and now it has happened, he’s definitely going to pay. Don’t worry.
When you thought that getting in govt will open doors for access to lots of money and you go and do deals hoping you will have money like Bulldozer.
Then you find in the govt of BMW there is no room for slush funds and you regret being a minister.
Having a debt is not a crime, not even sure why this should be a story
Even governments have debts including the US government the biggest economy in the world, what is peculiar with a person having a debt. Zambia defaulted in paying its loans under the PF government so what is special with Tayali defaulting, we all default once in a while. There is no issue here
Kaloba …..250 over 1 million for three months 750….why borrow this is suicidal….but if he fails to pay you then list him with the bureau as a bad borrower hence cannot borrow….
It’s not about this being an issue…. stories like these are always in the news. Whether minister or not the reporters will pick it up and cast it to the public.
Frank (Tayali is another guy), should turn around and claim that it was a campaign contribution.
Unfortunately there was a paper trail.
Interest of 48%. Is this typical of rates charged in Zambia?
How do these companies become ‘money lenders’ without Bank of Zambia authorisation? Nearly 50% interest?
Ba PS of remuneration bullied his way out of a restaurant bill. This Minister is driving away with nkongole. I say it’s a Zambian problem, not a party affiliation. Vipuwa vili mbwe pa dziko
You are not perfect at all. Even that same hh owes billions to his election funders. Filachitika. I recently opened a loan company. Come and borrow at reasonable interest rates
Some of these tranactions are just shady …what type of investment is this? After 3 years Frank Tayali will be like Mr Helicopter Minister telling us he was a successful business man who can not be involved in corruption. If you work for a bank you would be sacked….