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Harare High Court
Alec Avacalos v David Riley
HH 75-2007
Case Details
Court
Harare High Court
Date
31 October 2007
Citation
HH 75-2007
Neutral Citation
[2007] ZWHH 75
Outcome
unknown
Case Type
Trial
Bench
Presiding
MAKARAU JP
Full Bench
MAKARAU JP
Areas of Law
Commercial litigationCurrency conversionContract law
Keywords
foreign currencyofficial exchange rateparallel market rateconsent to judgmentstated case
Tags
currency conversionforeign currency judgmentconsent to judgmentexchange rate
legislation
Statutes Cited
- High Court Rules, 1972
ai analysis
Case Summary
Key Issues
- {"issue_text":"Whether judgment should be expressed in foreign currency where defendant has consented to judgment in local currency equivalent","issue_type":"procedural","dispositive":"yes","related_facts":"Defendant filed proper consent to judgment; plaintiff included alternative prayer for local currency"}
- {"issue_text":"Whether court should recognize parallel market exchange rate for judgment conversion","issue_type":"law","dispositive":"no","related_facts":"Official rate significantly lower than parallel market rate; plaintiff would suffer loss"}
- {"issue_text":"What date should be used for currency conversion where judgment is expressed in local currency","issue_type":"law","dispositive":"no","related_facts":"Defendant consented at official rate prevailing on consent date"}
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background
Facts of the Case
Background
The plaintiff issued summons claiming US$64,000 for breach of a share sale agreement. The defendant filed a consent to judgment in local currency at official exchange rate. The plaintiff refused acceptance, insisting on foreign currency or parallel market rate conversion.
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