Africa-Press – Tanzania. THE Director of Deposit Insurance Board (DIB), Mr Richard Malisa, may be held accountable if the Bank of Tanzania (BoT) board, the Liquidator of FBME Bank Limited, will not execute the court decree for 145bn/- payments to Coast Textiles Limited.
Coast Textiles Limited, a local company, has decided to seek the intervention of the High Court in Dar es Salaam, after failure by FBME Bank, whose operations were taken over by the BoT to implement the judgment given by Judge Aloysius Mujulizi in 2015, which is more than six years ago, on such payments.
The company is requesting the sum of 145,946,500,641/- be released from the DIB, the Liquidators of FBME Bank, default of which the Director would be held accountable.
The application for execution filed on September 30, 2021 has been placed before Deputy Registrar Crisencia Kisongo. Such application has been set for hearing on November 30, 2021.
Prior to that, in a ruling delivered by Judge Joaquine De-Mello on April 13, 2021, following uncontested hearing, DIB was ordered to pay the amount due immediately.
A letter was written by Advocate Joseph Rutabingwa to inform the DIB over the court’s ruling, but there has been no response of effecting the payments in question as of to date.
The move by Coast Textiles Limited to file the execution proceedings comes few days after government and parliament authorities expressed concerns over failure by relevant bodies or defeated litigants to execute court judgments.
The Vice President, Dr Philip Mpango, has advised the Judiciary to establish a mechanism to ensure court decisions are enforced.
Records show that the local company has been in court corridors since 1997, which is 24 years, pursuing her rights against the FBME Bank Limited, which was later taken over by the BoT having being implicated with money laundering crimes to protect Tanzanians customers.
The High Court delivered the judgment in the matter on July 27, 2015, which is more than six year, but such decree has not been executed todate. At some point in time, the Managing Director of Coast Textiles Limited, Mr Sudhir Lakhanpal, sought the intervention of the Indian High Commission on the matter.
However, such efforts could not bore any fruits, a move that forced the businessman to file the execution proceedings in question. At a certain point, the BoT had promised to settle the amount having taking over the management of the Bank and upon conclusion of all court cases surrounding the matter.
According to the application lodged by Advocate Joseph Rutabingwa, for the company, there is no any case, which is pending before the court involving the payments in question following the dismissal of several attempts by the Central Bank to frustrate the enforcement of the decree.
