Court defers Mulli’s stay order: Fights MSB over K3.2 bln loan
The Supreme Court of Appeal on Monday deferred to a later date the application by Mulli Brothers Limited (MBL) to extend the stay order the conglomerate obtained against the High Court’s (Commercial Division) ruling to repay government-owned Malawi Savings Bank (MSB) a K3.2 billion loan.
Judge Michael Mtambo had ordered Mulli to repay the loan, accumulated to K3.2 billion, which was obtained as an overdraft about four years ago but was turned into a medium-term loan.
The company had committed to repay the loan over a period of 60 months in equal monthly instalments of K82,131,869.43.
Mtambo made the ruling after he refused to recuse himself from the case on allegations that he received a bribe from the bank.
On Monday Supreme Court of Appeal Judge, Justice Robert Chinangwa said would communicate later on his ruling on the application by MBL’s lawyer, Chancy Gondwe of Chancy & Associates to extend the Stay Order they obtained stopping execution of the lower court’s ruling to pave way for an appeal against the figure.
Gondwe, said the High Court ruling ignored the consideration that his client paid some money which could have drastically reduced the amount.
He argued that the lower court failed to consider a K600 million payment MBL made as part of the loan repayment.
“Our client is not happy with the Commercial Court’s ruling; we find the figure exaggerated. We don’t understand how the court arrived at that figure. And there are some payments our client made to the bank of which the lower court did not consider in its judgement,” argued Gondwe.
“The defendant’s witness, George Sibale, told the court, and it is on record, that the plaintiff [MBL Holdings] paid slightly over K600 million and this is a fact that was never disputed, but rather admitted. The honourable court could have considered the same in its judgement.”
MSB claims that MBL Holdings took a K3.2 billion (about $7m) overdraft and is fighting repayment of the loan.Mulli, however, accuse the bank of unfair treatment and that the amount is exaggerated.
Last year MBL engaged Johnson and Wilson private auditors and accountants to conduct a forensic audit of its bank accounts in regards to the case.
MBL Holdings has obtained a stay order against execution of the judgement until the determination of the matter by the Supreme Court.
Follow and Subscribe Nyasa TV :
Please pay back the loan you got from MSB.MSB is not a charitable organisation hence the need to repay as son as possible.Ambuyako anapita kale omwe amakukhalira kumbuyo.Zakusalira wekha uwona .Tiyeni nayo mutengenseni.
There is a proverb that says: NKHANDWE IKAMEZA MAULA IMADZIWA KUTI AKABIBA AND MULI TOOK THAT HUGE LOAN KNOWING VERY WELL THAT HE WILL MANAGE TO REPAY IT AND HE MUST PAY
BWEZANI $ MSANGAMSANGA ANZATHU KUMPOTO AKUFUNA INTERNATIONAL AIRPORT AND INTERNATIONAL STADIUM ZIKWANA ZIMENEZI CONTRACTOR ALIPO KALE
A BOKO why do you make foolish comments over someone’s death.Iwe ukudziwa kuti udzafa bwanji????Umunthu udzikhalako when comenting.May HIS soul rest in peace amene mukumunenayo.
Abweze palibe za ubwenzi apa zidatha kale .
kKKKKKKKKK!! PAJA MUMATI NDI INU BILLIONAIRE??? NDALAMA ZAKE ZA NGONGOLE? KODI MUNAMUPANGA CHANI BINGU CHE MULLI? KUKHWIMA BASI, ZAKUTEMBENUKILANI, ZIWEMBU ZONSE MUMAPANGA ZIJA. BOLA MUSAKHALE PAFUPI NDI PITALAYO, MUSIYENI AGWIRE NCHITO YA ANTHU!!!!!! CLEVER BUSINEESS MAN, MY FOOT!!!!!M OFUNIKA AMANGIDWE AMENIYO NDI WA CASHGATE NTHAWI YA BINGU!
Hahahahaaaaa heheheheeeee kkkkkkkkk so the mk3b that the Industrial Relations Court gave you was in preparation for swapping with this one???? No wonder the judge at IRC wrongly awarded you that amount and because Mtambo is acting independently you think he got a bribe from the Bank? hiiiii abambo inu kuba munazolowera inu musayese aliyense ndiwakuba….MWAGWA NAYO BWENZANI MK3.2B Peter si BINGU AYI Mubweza imeneyi basi…….Kumva kukoma ine
Mbavha yazolowera kuba basi. Chaka chino kulibe zakuba munaba zonse ndiagogo anu aja anamwalira ngati galu.
man easy eeish.tikudziwa kuti adagwa after ataona ntchafu za mayi uja mu ka room kaja.
Unfair ruling because he s been asked to pay back. It was a loan 4yrs ago. How selfish is that. The country poor and Mulli and friends un power mocks us by plundering the money. Please just pay the money. Abd the more he drags this on pliz whip him with interest on the the money he owes. Its nit fair for an individual doing that to the Country. Kodi Malopa iye anabweza kapena zinalowa Cashgate ?
Muli should nt cry here coz he is jusot reaping what he saul during bingu time. Nd u mbs hw u cn u loan such big amount one poeroson while some poor malawian they are denied even a 100,000 loan.