FDH gets injunction on Maranatha case

FDH Bank has got a court order staying execution of another court order which saw Sheriffs pounce on the bank on Tuesday morning where they seized five computers and a printer.

Sobhuza Ngwenya: Head of Marketing FDH

Sobhuza Ngwenya: Head of Marketing FDH

The FDH Bank

The FDH Bank

Head of Marketing  at FDH Bank, Sobhuza Ngwenya, said in an interview with Nyasa Times that they managed to get the ‘stay order against the order of execution pending a court appearance before a judge on Wednesday afternoon.’

Sheriffs pounced on Umoyo Branch of FDH Bank on Tuesday morning in enforcement of damages of liability in which Maranatha Girls Academy were awarded about K785 million.

FDH Bank said in a statement yesterday that it was surprised in the way the Sheriffs acted on the matter.

“FDH Bank is surprised by the conduct of the whole matter, especially noting that the Bank was not allowed time to look at the judgment and make appropriate decision before the sheriffs could seize its property, all in a period of less than 24 hours,” reads the statement signed by Ngwenya.

“It should be noted that Maranatha Girls academy owes FDH Bank MK281,820,906.47. This amount has been outstanding for several years and FDH has been trying to recover this money by selling the collateral that was given as security for this loan.”

“However, when FDH advertised the property for sale, Maranatha Girls academy is claiming that the advertisement resulted in the loss of business. This was the basis for the claim under which the whole of this matter is based. Meanwhile FDH Bank cannot recover this debt because the Court stopped this process through an injunction that has yet to be lifted,” said Ngwenya.

Ngwenya said FDH Bank Limited is surprised with the way that the Sheriffs executed this judgment because FDH Bank lawyers received the judgment on the afternoon of 4th April 2016 and they gave the judgment to FDH Bank in the morning of 5th April 2016 at around 09h.00.

“FDH Bank lawyers immediately tried to get a stay order on the judgment on the same afternoon 4th April 2016 so that an appeal can be filed with the Court. The court instead ordered to hear the stay order arguments at 13h30 on Tuesday 5th April 2016.”

“While FDH was waiting for this process, within one hour of receiving the copy of the judgment, the sheriffs had come at around 10h30 to seize properties,” said Ngwenya.

Meanwhile, Ngwenya said all the properties seized have been returned to the bank.

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Chief Kapoloma
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Chief Kapoloma
5 months 17 days ago

A Church elder apa Manja SDA ndi Sunny side SDA church apindilana ndevu nkamwatu apaa anthu ndi maso tikwangupenya

Charles
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Charles
5 months 21 days ago
A bank loan is given to a client based on worldly legal terms. If you mention God then find out how much interest would be charged on loans given if Lord Christ was to operate a bank. This is a business scenario guided by man made rules. Double check your advice otherwise the courts of law and lawyers could be well positioned and mandated to interpret the law competently. let being biased not be a base here. let the lawyers do their job. Why could I comment so much just because I have a grudge against a party? If anything… Read more »
Ngongoliwa
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Ngongoliwa
5 months 22 days ago

Kaonga and his judges. Muona Justice ya ku Malawi.

NYONYO
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NYONYO
5 months 22 days ago
WHAT THIS KAONGA A MARANATHA BOY DOES NOT KNW AKUZIPHERA MA PROSPECTS OF WORKING WITH ANOTHER BANK THIS BEHAVIOUR IS NOT GOOD. THINGS CAN BE RESOLVED…MY ADVISE TO THIS MPESA BOY IS THAT MPINGANJIRA AND FDH GAVE YOU AN OPPORTUNITY BY LENDING YOU MONEY BECAUSE YOU ARE A BROTEHR IN THE LORD PANONA YOU ARE TURNING ON YOUR FELLOW MPESA BROTHER? KAONGA GREEDY IKUPHA …YOUR LAYWER MBETA IS PROBABLY THINKING HE IS ON TOP OF THE GAME…PAJA AKULU AKALE ADATI NG’OMA YOLIRALIRA SICHEDWA KUSWEKA…NAYE MBETA ZIZAMUTSATA AS FOR YOU KAONGA MONEY IS NOT EVERYTHING IN THIS WORLD. YOUR HUNGRY FOR… Read more »
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