High Court orders FDH bank to pay Maranatha K392mil

High Court has ordered FDH bank to pay Maranatha Girls Academy Limited K392 million for as compensation for loss and damage arising from a breach of three months statutory notice by FDH Bank.

Judiciary spokesman Mlenga Mvula: Compensation trimmed to K392 million

Judiciary spokesman Mlenga Mvula: Compensation trimmed to K392 million

The court ruling in Blantyre has reduced an earlier compensation which the court ordered FDH Bank on April 4 2015 to pay Maranatha K784 830 909.16 (about $1.2million).

Court documents show that Maranatha Girls Academy Limited sought declarations on a matter regarding a notice of intention to sell the applicant’s property Title Number South Lunzu 7/45 (Maranatha Girls Academy Limited) advertised in the newspapers on September 17 2013, which the court found to be wrongful and flouting Section 68 of the Registered Land Act.

In his determination, Judge Kenyatta Nyirenda said the amount of compensation has been “trimmed to about K392 million.”

According to judiciary spokesman Mlenga Mvula, Judge Nyirenda pointed out that 50 percent of the amount should be paid “outright as FDH prepares appeal or any other subsequent action.”

Last week Sheriff of Malawi stormed FDH Bank Limited to seize office equipment from its Umoyo House Branch in Blantyre to enforce payment of the compensation to Maranatha.

Head of marketing Sobhuza Ngwenya, FDH Bank, a subsidiary of FDH Financial Holdings Limited, said Maranatha Girls Academy Limited owes FDH Bank K281 820 906.47 (about $424 000) which has been outstanding for several years and FDH has been trying to recover the money by selling the provided collateral for the loan.

Ngwenya said FDH Bank cannot recover the debt because the court stopped the process through an injunction still in force.

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Wabandiwo
Guest
Wabandiwo
5 months 17 days ago

NO 11 What about the money you stole from Zimbabwe firm ? was it not for other shareholders too?

Judgementday
Guest
Judgementday
5 months 17 days ago

From my personal experience with Thom he is a man of not trustworthy when dealing with customers. He sees himself being on top of Malawi because of his good connection with the TOP OFFICIALS in the Government, Judiciary and Politicians hence he cares not of anybody in this country.God is will judge every body accordingly and no matter what favours one receives on earth. I feel very sorry with the behaviour of Thom in the manner he treated Zimbabweans and he should thank Reserve of Malawi and Malawi High Court for standing to his side.

MBUMBA
Guest
MBUMBA
5 months 17 days ago

WATICHOTSA NTCHITO
GALU AMENEYO
AKHAURE BASI !!

TAMBWALI MNZAKE
WA MULLI.

Madalitso Chiwoni
Guest
Madalitso Chiwoni
5 months 17 days ago

Failing to understand the racist/tribalistic people here. A Registrar who is not from the North gave Kaonga K780 million. A Judge from the North reduces that amount by half. The Judge is then accused of tribalism? SMH

Belushi
Guest
Belushi
5 months 17 days ago

I feel the story or genesis of the story is not being told. Is it deliberate to make FDH look like a victim and have us think the determination by court was agreed outside court?

Mapwiya
Guest
Mapwiya
5 months 17 days ago

This calls for mob justice on.this Kaonga thief coz his capital letter speaking friends in the judiciary have raped justice.

Judiciarypathetic
Guest
Judiciarypathetic
5 months 18 days ago
Dear ALL FDH has been on the helm for a long time right away from Zimbabwe case. Perhaps many of you do not know the background of FDH firm and you just make comments unknowingly. Loans have to be taken and its not a sin at all but if you see clearly ma BANK AWA KWACHULUKA NDI KUBA. FDH has on many times been favoured by both the Government and Reserve Bank of Malawi as well as the Judiciary because anthuwa AMADYA MOMWEMO. One wonders the amount trimmed from K794m to half of it? This profession is not trustworthy these… Read more »
WE
Guest
WE
5 months 18 days ago
We don’t fukin Care to know the genesis of the story or whatever happens to FDH because the owners of this bank are satanic so to say. They don’t even care to whatever happens to other people’s lives and moreover they bought MSB bank with peanuts. Yes , We are urging everyone to close or not do any business with this bank as it is there to promote satanism . We are praying to the Living Almighty God to protect and look after the people this bank might have mistreated through it’s satanic and barbaric behavior . And we pray… Read more »
bwiyache
Guest
bwiyache
5 months 18 days ago
Ndawerenga ma comment onse but seems no one has the genesis of this case. Here is how everything started and unfolded; Maranatha took a loan of 18Million from FDHBank. The loan accumulated to 23Million and FDH continously sent demand notices and property seizure notices to Maranatha. Faced with this situation, Maranatha took katapila from (name withheld) and repaid the loan in full. However, FDH Loans department did not update thiis full repayment in their books and it continued to appear as unpaid and continue acculating interest till it reached MK238Million. Then FHD legal department advertsied, recklessly with abandon and as… Read more »
The Analyst
Guest
The Analyst
5 months 18 days ago
O………………………………………………………………………………………………………………………………………………………………………………………………………………………O This story you have related is somewhat failing to add up . . . The time taken for the loan to accumulate to K238 after it was already repaid, is just too long for anybody to not have communicated to the loans’ department to update their records. . . . Coz we can safely believe that when the loan was repaid yet not recorded as such (as per your version), FDH must have kept reminding Maranatha. . . . Now, do you suppose that Maranatha could not have angrily called Mpingangira and told him about this carelessness on the… Read more »
mmbalewakewamungopark
Guest
mmbalewakewamungopark
5 months 18 days ago

Kenyatta’s rulings backfiring on the lomwes kkkkkkk. musova

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