K14 billion saga in new twist

THE Lusaka High Court has ordered for a stay of execution of a judgment in a case in which the Development Bank of Zambia (DBZ) is demanding K14 billion from shareholders of the defunct Zambian Airways.
The shareholders were JCN Holdings, The Post Newspapers (owned by Fred M’membe)  and Mutembo Nchito.
High Court Judge Flavia Chishimba ordered the stay of the judgment delivered on April 19 in favour of DBZ to recover K14 billion from the defunct Zambian Airways after the two parties agreed in a consent order to stay execution of the judgment.
This is contained in a consent order generated by lawyers representing the DBZ and the shareholders of the defunct airline in Lusaka yesterday.
“By the consent order of the parties, it is hereby ordered that the execution of the judgment delivered on April 19, 2012 be stayed pending determination of the appeal,” Ms Justice Chishimba said.

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