Mulli Brothers Limited (MLB) Holdings has appealed against the High Court (Commercial Division) ruling that ordered the company to pay State-owned Malawi Savings Bank (MSB) K3.2 billion.
In the appeal against High Court judge Michael Mtambo’s order of September 19 2014, lawyer representing MBL Holdings, Chancy Gondwe, said the High Court ruling ignored the consideration that his client paid some money which could have drastically reduced the amount.
Said Gondwe: “The defendant’s witness, George Sibale, told the court, and it is on record, that the plaintiff [MBL Holdings] paid slightly over K600 million and this is a fact that was never disputed, but rather admitted. The honourable court could have considered the same in its judgement.”
MBL Holdings also wondered how the court arrived at the figure when MSB is not sure of the exact amount that is payable and that it is yet to bring evidence to show of the same.
Supreme Court Judge Robert Chinangwa on Monday reserved his ruling to a later date.
MSB claims that MBL Holdings took a K3.2 billion (about $7m) overdraft and is fighting repayment of the loan.
But MBL argues that the amount is exaggerated.
MBL Holdings has obtained a stay order against execution of the judgement until the determination of the matter by the Supreme Court.