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Chrismar Hotel Ltd V Stanbic Bank Zambia Ltd Scz Selected Judgment No 6 Of 2017 P. 160, Dunia P. Zongwe

SAIPAR Case Review

In the first semester of 2008, the appellant, Chrismar Hotel Ltd, needed finance to buy some equipment, including earth-moving equipment. It therefore solicited funds from the respondent bank, Stanbic Bank Zambia Ltd, with which it had held several accounts, obtained credit facilities (for example, mortgages and debentures), and established a longstanding relationship. The respondent bank agreed to lend money to the appellant hotel.

Thus, the hotel and the bank (hereinafter ‘the parties’) entered into eight distinct yet identically worded finance leases. For a total sum of 1.7 million US dollars, the eight leases each specified the amount that the respondent …