Stanbic, customer to settle 4bn/- dispute

STANBIC Bank Tanzania Limited and a Nigerian woman, Mrs Patience Nolan, have agreed to settle their dispute involving over 4bn/- claims, which is pending before the High Court in Dar es Salaam.

According to a Memorandum of Consent signed by the parties on September 14, this year, the bank agreed to withdraw its claim against Mrs Nolan on 2 million US dollars payments as per suit filed in court on July 23, 2003.

The memorandum, which was filed at the High Court on Friday, indicates that Mrs Nolan has agreed to withdraw her counter claim of 1,832,155 US dollars in the said suit against the bank being damages for breach of contract.

Both parties, according to the memorandum, consented to waive all claims, present and future that they might have against each other arising out of the banking facility granted by the bank to African Fishing Company Limited.

Mrs Nolan, among others, was alleged to have guaranteed the payments. She has also agreed to withdraw her objection in execution proceedings between the bank and her husband, Mr Reginald John Nolan, an Irish businessman.

When reached for comment, Mrs Nolan expressed her satisfaction on the new development of the dispute, which has been pending endless in court for several years.

"The settlement is the best way forward for me and the bank. I felt I needed to move on and get on with my life, but I could not make it with the case hanging on my shoulder," she told the 'Daily News'.

A lawyer for the bank who preferred anonymity also confirmed when reached that indeed the parties had amicably settled the matter, hoping that in two weeks time the court would issue a decree basing on the settlement deed they signed.

Efforts to reach Mr Nolan to comment on his part proved futile. In the case, Mr Nolan also raised a counter claim on 1,323,000 US dollars as balance remaining on his account with the bank and other 500,000 US dollars he paid to the bank.

The new move between Mrs Nolan and the bank comes after Mr Nolan had applied for stay of sale of his house on Plots number 16A and 16B, Ada Estate in Kinondoni District to recover some money he had guaranteed.

SOURCE: DAILY NEWS