By 
Emmanuel Munaile, a former vice-president of the Football Association of Zambia (FAZ), has been taken to court by ZANACO Bank over an unpaid loan.
According to documents filed in the Commercial Division of the Lusaka High Court, Munaile owed the bank K423,419.45, with interest continuing to accrue.
The court filings revealed that Munaile secured a personal loan of K375,000 from ZANACO Bank in June 2022, with the agreement that it would be repaid over 29 months.
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The loan carried an interest rate of 27.75 percent per annum and the repayment was structured through monthly deductions from Munaile’s salary, allowances, gratuity, and other benefits.
However, Munaile had failed to honor the repayment terms, resulting in a breach of the loan agreement.
Despite repeated demands from ZANACO Bank, Munaile neglected to settle the outstanding debt.
As a result, ZANACO Bank claimed it had suffered financial loss and damage and was seeking a court order for the payment of the remaining balance, along with the accruing interest.
Munaile, who also served as a Member of Parliament for Malole and briefly held the position of Technical Director at ZANACO Football Club from June to September 2022, had yet to respond to the lawsuit publicly.
The case is expected to be heard soon at the Lusaka High Court, where the bank seeks to recover the unpaid funds.
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