Zimbabwe Development Bank v Zambezi Safari Lodges (Pvt) Ltd and Conservation Corporation of Zimbabwe and Rainbow Tourism Group (Pvt) Ltd

HH 95–2006

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Case Details

Court

Harare High Court

Date

24 August 2006

Citation

HH 95–2006

Neutral Citation

[2006] ZWHH 95

Outcome

unknown

Case Type

Application (Stated Case)

Bench

Presiding

PATEL J

Full Bench

PATEL J

Areas of Law

Contract LawBanking LawForeign Exchange Control

Keywords

Foreign currencyUS DollarTenderOfficial exchange rateParallel market rateFinance agreementJudgment in foreign currency

Key Issues

{"issue_text":"Whether the credit facility agreement provides for repayment in foreign currency (US$) and whether the plaintiff is entitled to judgment in US$","issue_type":"law","dispositive":"yes","related_facts":"Currency of agreement, source of funds, repayment history"}
{"issue_text":"Whether the tender of ZW$40 million constitutes sufficient compliance with the 1st defendant's indebtedness","issue_type":"law","dispositive":"yes","related_facts":"Tender amount, official exchange rate, rejection by plaintiff"}
{"issue_text":"Whether the agreement provides for costs to be borne on a legal practitioner and client scale","issue_type":"law","dispositive":"yes","related_facts":"Clause 2 of General Conditions"}

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background

Facts of the Case

Background

The plaintiff provided a credit facility of up to US$1 million to the 1st defendant, which was guaranteed by the 2nd and 3rd defendants. The loan was sourced offshore in US$ and was to be repaid in instalments. The defendants tendered payment in Zimbabwe Dollars (ZW$) at the official exchange rate, which the plaintiff rejected, insisting on payment in US$.

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