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Harare High Court
INTERNATIONAL FINANCE CORPORATION versus ITACHI PLASTICS (PVT) LTD and GODFREY KAITANO and VIOLET CHIWONISO KAITANO and TAO TRADE (PVT) LTD and OBERT TAONWA MHERE
HH 103/08
Case Details
Court
Harare High Court
Date
19 November 2008
Citation
HH 103/08
Neutral Citation
[2008] ZWHH 103
Outcome
unknown
Case Type
Trial
Bench
Presiding
CHATUKUTA J
Full Bench
CHATUKUTA J
Areas of Law
Contract LawBanking LawForeign Exchange Law
Keywords
Loan repaymentForeign currency shortagePerformance per aequipollensSurety obligationsImpossibility defense
Tags
Loan AgreementForeign CurrencyImpossibility of PerformanceSuretyship
legislation
Statutes Cited
- UNKNOWN
ai analysis
Case Summary
Key Issues
- {"issue_text":"Whether it is impossible for the defendants to repay the debt in US dollars","issue_type":"mixed","dispositive":"yes","related_facts":"Foreign currency availability, RBZ directives, 1st defendant's payment history"}
- {"issue_text":"Whether defendants are entitled to counter-prestate per aequipollens and settle the debt as tendered in local currency","issue_type":"law","dispositive":"yes","related_facts":"Terms of loan agreement, impossibility of performance"}
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background
Facts of the Case
Background
Plaintiff International Finance Corporation sued defendants for payment of outstanding loan amounts totaling US$454,473.28 (capital, interest and penalty charges) advanced to 1st defendant Itachi Plastics (Pvt) Ltd. Defendants defaulted on payments and argued impossibility of performance due to foreign currency shortage, tendering payment in local currency instead.
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