Lusaka man sues bank for breach of contract

A man of Lusaka has sued Intermarket Banking Corporation for damage and breach of contract for its its alleged failure to transfer on time his K1 million from a Fixed Investment Account with an accrued interest at 11 per cent to Micro Finance Zambia.

Mr Michael Phiri in his statement of claim filed at the Lusaka High Court says that at all material times he was a client and holder of Fixed Account with Intermarket Banking Corporation. He says by agreement in writing, it was agreed that Mr Phiri would invest K1 million which would accrue an interest at the rate of 11 per cent which consequently matured in July his year.

Mr Phiri says upon maturity of his investment, he wrote a notice to the bank pursuant to the terms of agreement in which he requested it to transfer the funds in his Investment Account to Micro Finance Zambia.

“Instead, the bank wrongfully acted in breach of  the said express and implied terms in that it refused or neglected to  remit the funds as instructed and retained the funds in the Investment Account, a scenario which was not provided for by the agreement, “ the statement of claim says.

He says he continually requested the bank to remit the funds and act in accordance with agreement which culminated in a letter dated July 22, 2014 notifying the bank of their continued breach and the losses that he had incurred owing to Intermarket Banking Corporation’s actions in the form of a 23 per cent interest which he was due to earn on the funds that should have been transferred to Micro Finance.

Mr Phiri further says subsequently the funds were remitted notwithstanding numerous entreaties for the Intermarket Banking Corporation to discharge their obligations by the way of compensation but the bank has refused to do so.

He says as a result he has suffered inconvenience, distress, deprivation and disturbance, loss and damage.

He now claims damage for breach of contract, an order to compensate him for damages ensuing from undue deprivation and distress, any other relief, interest and costs.