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Former Football Association of Zambia (FAZ) Vice President, Emmanuel Munaile, has entered into a consent judgment with ZANACO Bank to settle a debt of K423,429.45 in monthly installments.
The court-approved agreement requires Munaile to make monthly payments of K10,000 starting October 31, 2024, with subsequent payments due on or before the 30th of each month.
This development followed Munaile’s default on a K375,000 personal loan obtained from ZANACO Bank in June 2022 under a 29-month repayment plan at a 27.75 percent annual interest rate.
Despite earlier agreements for deductions from his salary, Munaile failed to meet repayment obligations.
ZANACO Bank pursued legal action after repeated demands for payment were ignored, leading to financial losses for the bank.
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Justice Bonaventure Mbewe signed the consent judgment on October 15, 2024, which included a provision that Munaile would continue paying interest until the full debt was cleared.
The judgment also stipulates that in case of default on any payment, the entire outstanding amount will become immediately due.
ZANACO would then be allowed to enforce the recovery of the debt without further legal proceedings.
Additionally, Munaile would cover the legal costs incurred during the case, with any disputes over the amount subject to taxation.
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