Afrasia Bank Zimbabwe Limited (Under Liquidation) v RioZim Limited

SC 76/19

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Case Details

Court

Supreme Court

Date

4 October 2019

Citation

SC 76/19

Neutral Citation

[2019] ZWSC 76

Outcome

unknown

Case Type

Appeal

Bench

Presiding

Gwaunza DCJ

Full Bench

Gwaunza DCJPatel JABere JA

Areas of Law

Banking & Finance LawContract Law

Keywords

Deed of SettlementDefault JudgmentCompromiseTransactioJustus ErrorSanctity of Contract

Key Issues

{"issue_text":"Whether the court a quo erred in refusing to grant default judgment on basis of justus error when validity of Deed was not properly before it","issue_type":"procedural","dispositive":"yes","related_facts":"Respondent raised computational errors in opposing affidavit without counter-application"}
{"issue_text":"Whether respondent could challenge validity of Deed through opposing affidavit without instituting proper proceedings","issue_type":"procedural","dispositive":"no","related_facts":"Rule 229A requires counter-application for such attack"}

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background

Facts of the Case

Background

The appellant bank extended two pre-shipment finance facilities to the respondent in 2011. When the respondent defaulted, parties concluded a Deed of Settlement in 2013 for US$4,556,777.78. The appellant later applied for default judgment under clause 2 of the Deed when respondent stopped payments. The High Court refused to grant judgment, finding the Deed was concluded on mistaken calculations. The Supreme Court allowed the appeal, holding that validity of Deed was not properly before the court.

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