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Harare High Court
Al Shams Global BVI Limited v Reserve Bank of Zimbabwe
HH 571-23
Case Details
Court
Harare High Court
Date
20 October 2023
Citation
HH 571-23
Neutral Citation
[2023] ZWHH 571
Outcome
unknown
Case Type
Trial
Bench
Presiding
Dube JP
Full Bench
Dube JP
Areas of Law
Banking lawDelictAdministrative law
Keywords
Central bank liabilityBanking supervisionNegligent breach of statutory dutyImmunity clausePure economic loss
Tags
Banking supervisionNegligenceStatutory dutyCentral bank immunity
legislation
Statutes Cited
- Reserve Bank Act
- Banking Act
- Banking Act
- Reserve Bank Act
- Deposit Protection Corporation Act
- Criminal Law Codification and Reform Act
- Criminal Law Codification and Reform Act
- Companies and Other Business Entities Act
- Constitution of Zimbabwe
- Administrative Justice Act
ai analysis
Case Summary
Key Issues
- {"issue_text":"Whether the RBZ owed the plaintiff a duty of care in its supervisory functions","issue_type":"law","dispositive":"yes","related_facts":"RBZ's statutory supervisory duties, plaintiff's status as investor"}
- {"issue_text":"Whether the RBZ acted negligently as alleged","issue_type":"mixed","dispositive":"no","related_facts":"RBZ's knowledge of Interfin's deficit, remedial actions taken"}
- {"issue_text":"Whether the plaintiff suffered damages as a result of RBZ's alleged negligence","issue_type":"mixed","dispositive":"no","related_facts":"Plaintiff's loss from Interfin collapse"}
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background
Facts of the Case
Background
The plaintiff, Al Shams Global BVI Limited, claimed US$19.5 million in damages from the Reserve Bank of Zimbabwe for alleged negligent failure to properly supervise Interfin Bank Limited, which collapsed owing the plaintiff US$3 million from bankers' acceptances. The plaintiff alleged the RBZ knew Interfin operated with a capital deficit but failed to take adequate corrective action.
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