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Harare High Court
Trojan Nickel Mine Limited v Reserve Bank of Zimbabwe
HH 169-13
Case Details
Court
Harare High Court
Date
29 May 2013
Citation
HH 169-13
Neutral Citation
[2013] ZWHH 169
Outcome
unknown
Case Type
Trial
Bench
Presiding
MATHONSI J
Full Bench
MATHONSI J
Areas of Law
Banking LawDelictUnjust Enrichment
Keywords
Foreign Currency AccountCentral BankDirectiveBreach of ContractProperty Rights
Tags
Monetary PolicyForeign CurrencyBanking RegulationAppropriation
legislation
Statutes Cited
- Reserve Bank of Zimbabwe Act
- Exchange Control Regulations
ai analysis
Case Summary
Key Issues
- {"issue_text":"Whether or not the plaintiff has a cause of action against the defendant","issue_type":"law","dispositive":"yes","related_facts":"All facts regarding the appropriation of funds by RBZ"}
- {"issue_text":"Whether or not the defendant is obliged to pay the amount claimed or any amount at all","issue_type":"law","dispositive":"yes","related_facts":"All facts regarding the appropriation and failure to return funds"}
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background
Facts of the Case
Background
The plaintiff, Trojan Nickel Mine Limited, maintained a foreign currency account with Banc ABC. Following a Monetary Policy statement and directive issued by the Reserve Bank of Zimbabwe (RBZ), the bank was compelled to lodge the plaintiff's foreign currency balance of USD 1,007,541.30 with the RBZ. The RBZ appropriated these funds and failed to return them, prompting the plaintiff to sue for recovery.
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