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Rwanda decisions
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The Court of Appeal partly allowed the appeal, confirming restitution of USD 80,000 and damages, but reduced the interest calculation to USD 51,291 from 13 March 2021.
Rwanda Supreme Court held that issuing cheques does not by itself discharge a debt unless they are honored and sufficiently funded.
The Supreme Court held that the mere issuance of cheques by KCF Ltd did not constitute valid payment as the cheques were not backed by sufficient funds from issuance to expiration. The underlying debt remained enforceable, and KCF Ltd was obligated to pay the outstanding amount. Interest was awarded at the average lending rate published by the National Bank of Rwanda. The Court found no grounds to pierce the corporate veil and hold Karangwa Raymond personally liable. KCF Ltd was ordered to reimburse CIMERWA Ltd for the previously paid 11,650,000 Frw and to pay legal costs.
Source excerpt
The Supreme Court held that the loan agreement provided for a lump-sum late payment interest of 300,000 Frw, not a monthly interest, and that further interest should be calculated at the statutory average lending rate from the date of default to the date of judgment. There was no evidence of shareholder fraud or misuse of company assets, so shareholders could not be held jointly liable. Damages and legal costs were only partially awarded based on the outcome.
Source excerpt
The Commercial High Court dismissed KIVU FOREX BUREAU LTD and Kagenza Isidore’s appeal, upheld liability on a USD 100,000 loan, and partly allowed EGEMEM OZBEY’s cross-appeal.
The Supreme Court held that the transaction was a share transfer, not a sale of company property, so RRA failed to prove a taxable property sale.
The Supreme Court held that the transaction was a share sale, not a sale of company assets, so RRA failed to prove a taxable asset transfer.
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