Alliance One Zambia Limited v Roland Imperial Tobbaco Company Limited and Anor (2023/HPC/0156) [2024] ZMHC 212 (27 February 2024)

IN THE HIGH COURT FOR ZAMBIA AT THE COMMERCIAL REGISTRY BOLDE:!\' AT LUSAKA {Civil Jurisdiction) 2023/HPC/0156 BETWEEN: / ALLIANCE ONE ZAMBIA LIMITED \ AND PLAINTIFF r,1-; } • • ROLAND IMPERJAL TOBBACO COMPANY LIMITED ~ 1 ST DEFENDANT DR. EPHRAIM MWENDA 2ND DEFENDANT CONSENT JUDGMENT THE Parties having AGREED to the terms of settlement of this matter and consenting to a conscntjL:clgn1ent being drawn up under such terms and conditions as hereinafter provided. IT IS HEREBY AGREED and ADJUDGED by CONSENT of the parties through their respective counsel that: l. Dr. Eplu·aim Mwenda, who is a shareholder in the l51 Defendant is hereby joined to the proceedings as the 2nd Defendant; 2. The 1st Defendant, having willingly accepted full liability for the claim by the Plaintiff, shall pay to the Plaintiff, the outstanding amount of US$1 ,573 ,727.40 in monthly instalments as follows ; i) ii) iii) iv) v) The sum of US$] 0,000.00 beginning from April 2024 to December 2024; The sum of US$20,000.00 beginning from January 2025 to March 2025 ; The sum of US$30,000.00 beginning from April 2025 to October 2025; The sum of US$40,000.00 beginning from November 2025 to April 2028; and The sum ofUS$13 ,727.40 in May 2028. 3. The 2nd Defendant pledges his personal real property namely subdivision No. 1 of Subdivision -~2 of Lot No. 649/m, State Lodge, Lusaka to be held bt the Plaintiff as security for the sw11 ofUS$1 ,573 ,727.40 owed to the Plaintiff by t e pt Defendant; 4. The property referred to in 3 above valued at the market value of US$1 ,647,333.33 as at the date of this consent judgment shall be held by the Plaintiff as security until the whole amount owing to the Plaintiff is paid by the 1st Defendant; 5. The 2nd Defendant shall immediately upon execution of this consent judgment deliver to the Plaintiff, for its possession the original certificate of title for the property, and facilitate all measures by the Plaintiff to register its interest in the property; 6. The 2nd Defendant is joined to these proceedings only for purposes of pledging the aforementioned property to the Plaintiff as security in accordance with the terms of this consent judgment; 7. In the event of default of any instalment payment by the pt Defendant, the 2nd Defendant shall immediately convey the property as directed by the Plaintiff; 8. In the event of default on any instalment payment, the whole amount outstanding shall immediately fall due and the Parties agree that the property held as security shall by virtue of this consent judgment and without flll1her recomse to the Defendants be sold by the Plaintiff by auction or private treaty as the Plaintiff may in its sole discretion determine, to recover the outstanding balance due; • 9. The Defendants acknowledge and agree that the property valuation ofUS$1 ,64 7,333.33 is not a guarantee that the valuation amount shall be obtained in the event of the property being sold but is only an indicative market value, and that the property may be sold below this valuation. The Defendants further acknowledge and agree that market factors, ready availability of willing buyers and/or circumstances outside the control of the Plaintiff shall determine the value at which the property shall be sold and whether it shall be sold in a timely manner. 10. In the event that the sale of the property does not fully settle the outstanding balance or the sale of the property cannot be concluded within a period of four months following default due to the aforementioned factors outside the control of the Plaintiff, the Plaintiff shall, as an additional remedy, be at liberty to levy execution on the I5' Defendant with no further recourse to court; 11 . Each paiiy shall bear its own costs. Dated this ; } ; - - -~ - - - day of • HON. MRS STICE B. SHONGA HIGH COURT JUDGE We consent: __ ff---~---------- Messrs' Mwenye & Mwitwa Advocates Suite A, Philomena Chambers, Stand No. 3662, Corner Chakeluka/Njoka Roads, Olympia Park, P. 0 Box 50794, Lusaka. Advocates for the Plaintiff. Messrs' F . B N angguigtm11~&. AiGssociat'es, Plot No.4615 ubwa R Rhodespar , P. O Box Lusaka. Advocates for 1st and 2nd Defendants. , 809, I Conser