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Levy Mwanawasa and Company law firm has entered into a settlement agreement with the Belgian firm, NV Alterra, in which it is to pay the latter US$100,000.
This is in a matter in which NV Alterra had sued the law firm, managed by former First Lady, Maureen Mwanawasa, for failure to transfer US$58,891.00 received on its behalf.
The money was paid to Levy Mwanawasa and Company on behalf of the client (NV Alterra) after the sale of a property, but the law firm failed to remit the said money upon receipt. The company also demanded for US$2000 as damages for loss of business.
The High Court in a ruling of December 13, 2021, delivered by Judge Pixie Yangailo ordered the firm to pay the money plus damages for loss of business.
Last year, the firm obtained a writ of Fi Fa to grab goods and chattels owned by the law firm to recover the judgement debt.
But now the two parties reached a settlement agreement and a consent order was filed into court on April 19,2024.
According to the consent order signed by the respective advocates of the parties, Levy Mwanawasa and Company would pay US$100,000.
The first settlement of US$50,000 will be paid upon execution of the consent order.
Levy Mwanawasa and Company will pay pay the balance of US$50,000 in three instalments on June 30, July 31 and August 31, this year.
It has also been agreed that NV Alterra will remain in control of household goods until the law firm settles the agreed amount.
“That upon failure to pay any of the instalments, the full judgement sum as shall be calculated on the date of the default shall become due, less the payment that would have been made towards the negotiated amount of US$100,000. That the plaintiff shall further be at liberty to have the household goods levied sold, without recourse to the defendant,” read the consent order.
The order is yet to be signed by the Judge.
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