INFRASTRUCTURAL DEVELOPMENT BANK OF ZIMBABWE versus EASY CREDIT (PRIVATE) LIMITED and JUSTIN ARTWELL TICHIWANGANA and MAXINE MANYOWA and SHINGIRAYI MAFARA and KUDAKWASHE ZUMBIKA and TINASHE HERBERT DZARAMBA and BRUCE TARUVINGA

HH 84-18

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Case Details

Court

Harare High Court

Date

31 January 2018

Citation

HH 84-18

Neutral Citation

[2018] ZWHH 84

Outcome

unknown

Case Type

Trial

Bench

Presiding

TAGU J

Full Bench

TAGU J

Areas of Law

Banking LawContract LawCommercial Law

Keywords

revolving credit facilityloan agreementjoint venturesuretydefaultinterest rateconcessionary rate

Key Issues

{"issue_text":"What is the nature of the agreement between the parties?","issue_type":"mixed","dispositive":"yes","related_facts":"Written agreement terms, profit sharing arrangement, interest rate"}
{"issue_text":"Whether 1st, 2nd, 3rd, 4th, 5th, 6th and 7th defendants jointly and severally are indebted to the plaintiff as alleged or at all?","issue_type":"law","dispositive":"yes","related_facts":"Surety agreements, default on repayments, outstanding balance"}
{"issue_text":"Who is liable for payment of costs of suit and on what scale?","issue_type":"law","dispositive":"no","related_facts":"Outcome of the case, contractual provisions for costs"}

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Facts of the Case

Background

The plaintiff bank extended a revolving credit facility of US$500,000 to the first defendant company, with the individual defendants acting as sureties. The defendants defaulted on repayments, and the plaintiff sued for the outstanding amount. The main dispute was whether this was a loan agreement or a disguised joint venture.

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