juma rajabu furaji vs crdb bank plc 2 others 2023 tzhccomd 338 29 august 2023

The mortgage share transfer form used to effect the transfer and sale of plaintiff's shares was forged, rendering the transfer and sale invalid and illegal. Circumstantial evidence established forgery, and the defendants' actions constituted fraud.

Citation: juma rajabu furaji vs crdb bank plc 2 others 2023 tzhccomd 338 29 august 2023
Parties: Plaintiff: Juma Rajabu Furaji; 1st Defendant: CRDB Bank PLC; 2nd Defendant: Orbit Securities Co. Ltd; 3rd Defendant: CSD & Registry Company Limited
Court: TZHCCOMD
Jurisdiction: Tanzania
Judgment Date: 29 August 2023
Procedural Posture: Commercial Case / Judgment
Outcome: Judgment for plaintiff
Legal Topics: Share Transfer, Forgery, Fraud, Mortgage of Shares, Loan Default, Declaratory Relief, Damages
Source Language: English

Banking Law Company Law Securities Law Civil Procedure Share Transfer Forgery Fraud Mortgage of Shares +3 more

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Parties

Juma Rajabu Furaji

Plaintiff

CRDB Bank PLC

1st Defendant

Orbit Securities Co. Ltd

2nd Defendant

CSD & Registry Company Limited

3rd Defendant

Procedural Posture

Commercial Case / Judgment

Legal Issues

1 Whether seizure and transfer of plaintiff's 175,387 shares was valid
2 Whether sale of plaintiff's 58,390 shares was legal
3 What reliefs parties are entitled to

Ratio Decidendi

Court Disposition

Judgment for plaintiff

Orders

Declaration that seizure and transfer of 175,387 shares to 1st defendant was null and void
Declaration that sale of 58,390 shares was null and void