FNB dragged to court over K30m disappearance

JULDAN Motors Limited has sued First National Bank (FNB) Zambia Limited and is claiming more than K30 million and 2.8 million Rand from the commercial bank for authorising illegal withdrawals or transfers of the money from its two accounts.

The public transporter is also seeking an injunction to restrain the FNB Zambia from allowing further withdrawals or transfers from its accounts.

According to statement of claim filed in the Lusaka High Court recently, Juldan has lost K30, 060, 000 and 2.8 million Rands through unauthorised withdrawals or transfers and that the money was withdrawn between February 2014 and May 2015.

Ibrahim Nassa and Oliypa Danobo who are both directors of Juldan Motors Limited are being represented by Messrs Keith Mweemba Advocates and Messrs PNP Advocates.

“The plaintiff therefore claims repayment of special damages by the defendant of ZAR 2,800,000.00 and ZMW30, 060,000.00 to the 1st plaintiff being sums of money transferred or [aid out without the 2nd plaintiff’s knowledge, authorisation or signature.

“”An order of injunction directed at the defendant prohibiting it from effecting further transfer from the kwacha account and Rand account of the 1st plaintiff held at the defendant’s industrial Branch without the knowledge, authorisation and signature of the 2nd plaintiff,” the statement read.

The plaintiffs are also seeking damages, interest on all sums found due, other relief the court may deem fit and costs.

They also prayed that the court should grant an order directing the bank to rectify the signing mandates of the transporter’s accounts at its industrial branch to reflect Ibrahim Nassa as co-signatory to Juldan, should it be found that he was illegally and without due process removed as signatory to both accounts.

“It was a term of the signing mandate instituted as opening of the aforesaid account with the defendant that the 2nd plaintiff and one July Danobo would jointly sign authorising any payments or transfer of 1st plaintiff’s funds,” the statement said.

The plaintiffs have said on June 6, Nassa discovered upon obtaining bank statements of their company that there had been a lot of unauthorised transfer and payments from the company accounts.

They said FNB failed to explain how the money belonging to Juldan was transferred or paid out without the authority, knowledge and signature of Nassa.

“By gross dereliction of duty and breach of fiduciary duty owed to the plaintiff by the defendant, the defendant herein allowed and facilitated the illegal withdrawal and transfer of funds from the aforesaid Kwacha and Rand accounts of the 1st plaintiff,” the statement said.

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One Response to “FNB dragged to court over K30m disappearance”

  1. Muzo says:

    This is very strange but not surprising. It seems our money is not safe even the bank. Surely someone must be held accountable


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