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Harare High Court
Stanbic Bank Zimbabwe Limited v Ceezed Construction (Private) Limited and Costain Africa (Private) Limited and Southview Investments (Private) Limited
HH 8-18
Case Details
Court
Harare High Court
Date
10 January 2018
Citation
HH 8-18
Neutral Citation
[2018] ZWHH 8
Outcome
unknown
Case Type
Trial
Bench
Presiding
CHAREWA J
Areas of Law
Banking LawCommercial LawSuretyship Law
Keywords
SuretyshipOverdraft FacilityBankingGuaranteeCo-principal Debtors
Tags
Banking LawSuretyshipCommercial LawDebt Recovery
legislation
Statutes Cited
- Companies Act
ai analysis
Case Summary
Key Issues
- {"issue_text":"Whether the deeds of suretyship executed by second and third defendants are valid and legally binding","issue_type":"mixed","dispositive":"yes","related_facts":"Signatures on surety deeds, authority of signatories, internal company procedures"}
- {"issue_text":"What amount must second and third defendants pay to plaintiff","issue_type":"law","dispositive":"yes","related_facts":"Principal debt acknowledged, interest calculations, co-principal debtor status"}
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background
Facts of the Case
Background
Stanbic Bank claimed $3,070,207.04 from Ceezed Construction and its sureties Costain Africa and Southview Investments for money lent under an overdraft facility. The sureties disputed liability claiming the surety deeds were invalid and signed without authority, while the bank maintained the deeds were valid and binding.
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