Bailiffs on Wednesday morning seized operations and property at Atlas Mara Headquarters in Lusaka following a High Court judgement issued in favor of one of Atlas Mara’s debtors.
The debtors in question, Dimitrios Monokandilos and Filandria Kouri is believed to being owed money amounting to US$949,933.87 from the account of the plaintiffs by Finance Bank Zambia Limited (FBZ) since February, 26 1996.
Meanwhile, Atlas Mara Country of Head of Marketing and Communications, Eric Ngondo said before the merge into Atlas Mara, by then Finance Bank of Zambia (FBZ) had acted on the right of setoff against the plaintiffs account.
He said the bank had made an appeal owing to a judgement made by the High Court dated December 3, 2014.
The Mr Ngondo stressed that the appeal was heard and was currently pending judgement in the Supreme court.
In 2016, AtlasMara which then owned African Banking Corporation Zambia Limited (BancABC Zambia) completed its acquisition of Finance Bank Zambia Limited, merging the two banks.
Tapela Lungu is an award-winning writer and former Media and Communication studies student at the University of Zambia who has a strong passion to write, read and explore. He was the Managing Editor for the online magazine. As a writer, he has a strong interest in human interest stories, community news and stories that impact human development and health.