Court rescues First Capital Bank from property seizure

The High Court in Mzuzu has  granted an order stopping sheriff’s from seizing First Capital Bank property.

Mzuzu-based Lawyer George Kadzipatike 

The stay of execution order was issued for property seizure at First Capital Bank Mzuzu by sherrifs over non payment of K374m to Opportunity Bank of Malawi OBM employees who were fired.

First Capital Bank bought the Opportunity Bank of Malawi.

Lawyer representing the bank, Chikumbutso Sitima said that the bank applied for a stay on grounds that the execution was allegedly rushed through by the legal team of the complainants.

Meanwhile, as the case awaits hearing on February 3, the banks’ property that was impounded has since been returned.

Lawyer for appellants, George Kadzipatike, says his team is working to vacate the stay order.

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