Undenge in trouble over US$121k bank loan

Samuel Undenge


Former Energy minister Samuel Undenge has been taken to High Court by CBZ Bank Limited over a US$121 062 debt.

The financial institution recently issued summons against the former minister, who is yet to respond to the litigation.

According to the bank, Undenge approached the financial institution on November 12, 2009 and was offered a loan facility which he duly accepted and utilised.

The bank said some of the terms of the offer letter for the loan facility, which Undenge accepted were that the granted amount would not exceed US$48 000 and that the working capital facility would expire on April 30, 2010 and the input facility on June 30, 2010.

As part of the agreement, the bank reserved the right to give notice of any alteration in the rates of interest and thereafter the bank would be entitled to charge such other rates as it may prescribe.

“That all interest payable in terms of any credit facilities provided by the bank to the borrower (Undenge) will be calculated on the balance outstanding each day at the close of business and the interest outstanding at the end of each calendar month shall be capitalised and interest thereafter, shall be charged on such increased capital,” the bank said.

“That all cost and other charges incurred by the bank and arising out of or by reason of the grant or recovery of the facilities, including legal costs on a legal practitioner/ client scale and collection charges which the bank may incur in taking action of the recovery of any amount due to it will be recoverable by the bank on demand, from the borrower.”

However, as of February 5, 2019, the bank said, the balance outstanding on Undenge’s account was US$121 062,79 and despite repeated demands, the ex-minister had failed and/or neglected to pay the bank prompting the latter to approach the court for recourse.

The matter is pending.


  1. I simply want to tell you that I am beginner to blogging and really loved you’re web site. Very likely I’m want to bookmark your website . You really have remarkable writings. Thanks for sharing your blog site.

  2. Heya i am for the first time here. I found this board and I find It truly helpful & it helped me out a lot. I hope to offer something again and aid others like you aided me.

  3. I’m impressed, I have to admit. Genuinely rarely do you encounter a blog that’s both educative and entertaining, and without a doubt, you may have hit the nail within the head. Your notion is outstanding; the issue is something which too little consumers are speaking intelligently about. My business is delighted we found this within my hunt for something regarding this.

  4. An additional issue is that video gaming has become one of the all-time main forms of fun for people of any age. Kids have fun with video games, plus adults do, too. The actual XBox 360 has become the favorite gaming systems for folks who love to have a lot of activities available to them, as well as who like to learn live with others all over the world. Thank you for sharing your ideas.

  5. Hello there, There’s no doubt that your site may be having web browser compatibility problems. When I look at your blog in Safari, it looks fine however, if opening in I.E., it has some overlapping issues. I simply wanted to give you a quick heads up! Other than that, fantastic blog.

  6. Hello, There’s no doubt that your blog might be having browser compatibility issues. Whenever I take a look at your site in Safari, it looks fine however when opening in Internet Explorer, it has some overlapping issues. I merely wanted to provide you with a quick heads up! Besides that, great site!

  7. Can I simply just say what a relief to find someone who actually knows what they’re talking about online. You definitely understand how to bring an issue to light and make it important. More and more people should read this and understand this side of the story. I was surprised you aren’t more popular because you most certainly have the gift.

Comments are closed.