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All Cases/Harare High Court/2024

Harare High Court

Shelly Makwiranzou v Old Mutual Limited & 5 Ors

HH 341-24

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Case Details

Court

Harare High Court

Date

14 August 2024

Citation

HH 341-24

Neutral Citation

[2024] ZWHH 341

Outcome

unknown

Case Type

Application

Bench

Presiding

Musithu J

Full Bench

Musithu J

Areas of Law

Banking and finance lawInvestment lawConstitutional law (alternative relief)Exchange control regulations

Keywords

Unit trust investmentCurrency redenominationExchange Control Directive RT120/2018Nostro FCARTGS FCA

Key Issues

{"issue_text":"Whether the application properly combined constitutional and non-constitutional relief","issue_type":"procedural","dispositive":"no","related_facts":"Application sought both contractual and constitutional relief"}
{"issue_text":"Whether applicant established cause of action against properly cited respondents","issue_type":"procedural","dispositive":"yes","related_facts":"Fourth to sixth respondents joined but no amended papers filed"}
{"issue_text":"Whether applicant's investment should have remained in USD as Nostro FCA","issue_type":"mixed","dispositive":"no (not reached)","related_facts":"Funds were USD cash deposits from international employment"}
{"issue_text":"Whether currency conversion legislation was unconstitutional","issue_type":"constitutional","dispositive":"no (abandoned)","related_facts":"Conversion affected property rights and equal protection"}

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background

Facts of the Case

Background

The applicant, a retired accountant, invested USD$72,232.87 with Old Mutual entities in a unit trust scheme between 2010-2015. Following currency reforms in 2018-2019, her investment was converted to local currency, which she challenged claiming constitutional violations and breach of contract.

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