The Supreme Court has dismissed with costs a case in which Savenda Management owner Clever Mpoha was trying to siphon K192.5 million from Stanbic Bank.
The supreme court has also reversed the nominal damages Savenda was awarded by the Court of Appeal saying there was nothing wrong in listing him as a bad debtor because there is evidence to prove that.
The Supreme Court has instead ordered Savenda to pay Stanbic Bank all the money the bank spent at the High Court, Court of Appeal and Supreme Court in defending this matter.
This is in the case where Savenda has sued Stanbic Bank Zambia for registering it as a bad debtor with the Credit Reference Bureau.
A high court judge found Stanbic liable and ordered the bank to pay Savenda K192.5 million.
Stanbic appealed and the Court of Appeal reversed the judgement of the High Court.
Mpoha’ Savenda appealed to the Supreme Court.
Savenda is one of the key conduits used by the PF regime to steal money from public coffers.