One hundred and fifty-four workers from Mopani Copper Mines have dragged Stanbic Bank Zambia Limited to the Kitwe High Court for allegedly unilaterally increasing interest rates on their personal loans from 15 to 40 percent.
According to a statement of claim filed in the Kitwe High Court commercial registry by Rodgers Chalwe and 154 others, the Mopani Copper Mines employees are also claiming an order for damages for alleged breach of the staff loan agreement.
The plaintiffs want the high court to declare and order that Stanbic Bank’s variation of the interest rates from 15 to 40 percent is null and void.
The employees also want the court to order an interlocutory injunction to stop Stanbic Bank from applying 40 percent per annum interest on their accounts.
The Mopani Copper Mines employees have complained that when they initially procured personal loans from the bank in 2013, the interest rate was about 15 percent.