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Harare High Court
Brian Rodney Brom v Verdure Investments (Private) Limited and Icenta Investments (Private) Limited and David Capsopolous
HH 77/23
Case Details
Court
Harare High Court
Date
31 January 2023
Citation
HH 77/23
Neutral Citation
[2023] ZWHH 77
Outcome
unknown
Case Type
Application
Bench
Presiding
MANZUNU J
Full Bench
MANZUNU J
Areas of Law
Banking LawCommercial LawCurrency Regulations
Keywords
foreign loancurrency conversionRTGS dollarsUS dollarslegacy debtnon-resident account
Tags
Banking & FinanceCurrency ConversionForeign Loans
legislation
Statutes Cited
- Presidential Powers (Temporary Measures) (Amendment of Reserve Bank of Zimbabwe Act & Issue of Real Time Gross Settlement Electronic Dollars (RTGS Dollars)) Regulations, 2019
- Reserve Bank of Zimbabwe Act [Chapter 22:15]
ai analysis
Case Summary
Key Issues
- {"issue_text":"Whether the loans constitute foreign loans exempt from mandatory currency conversion under section 44C(2)(b) of the Reserve Bank Act","issue_type":"mixed","dispositive":"yes","related_facts":"Loans paid from non-resident account; parties agreed USD repayment; respondents acknowledged USD balances"}
- {"issue_text":"Whether the acknowledgement of debt on 23 December 2019 created a fresh obligation unaffected by currency conversion","issue_type":"law","dispositive":"no","related_facts":"Acknowledgement signed after currency conversion regulations"}
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background
Facts of the Case
Background
The applicant advanced two loans totaling USD900,000 to the first respondent in 2016, with the third respondent as surety. The loans were secured by mortgage bonds over immovable property. Despite an addendum agreeing repayment in USD, when Zimbabwe changed its monetary policy in 2019, the respondents argued the debts converted to RTGS dollars at 1:1 rate. The applicant sought declaration that debts remain payable in USD.
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