RAMATEX SA v African Century Limited (110 of 2024) [2024] ZWHHC 110 (12 March 2024)

RAMATEX SA v African Century Limited (110 of 2024) [2024] ZWHHC 110 (12 March 2024)

The evidence demonstrated that ACL, through NMB Bank, submitted the application for registration of the legacy debt before the 30 April 2019 deadline. The application failed not due to late submission, but because it was not supported by the required bills of entry, which Ramatex failed to provide. Therefore, ACL is...

Source-derived case information.

Citation
[2024] ZWHHC 110
Parties
Plaintiff: Ramatex SA; Defendant: African Century Limited
Court
Harare High Court
Jurisdiction
Zimbabwe
Judgment Date
12 March 2024
Case Number
110 of 2024
Procedural Posture
Civil Action / Judgment After Trial
Outcome
Plaintiff’s claim dismissed with costs.
Legal Topics
Banker Client Relationship, Damages for Breach of Contract, Foreign Exchange Controls, Legacy Debt Registration
Source Language
english
Banking Law Contract Law Banker Client Relationship Damages for Breach of Contract Foreign Exchange Controls Legacy Debt Registration

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Parties

Ramatex SA

Plaintiff

African Century Limited

Defendant

Procedural Posture

Civil Action / Judgment After Trial

Legal Issues

  1. 1 Whether ACL submitted the application for the registration of Ramatex’s blocked funds on or before the 30 April 2019 deadline
  2. 2 Whether the registration of the legacy debt failed as a result of the late submission of the application or due to the failure to meet the RBZ’s registration criteria
  3. 3 Whether ACL is liable to pay damages in the sum of US$998,960.00

Ratio Decidendi

The evidence demonstrated that ACL, through NMB Bank, submitted the application for registration of the legacy debt before the 30 April 2019 deadline. The application failed not due to late submission, but because it was not supported by the required bills of entry, which Ramatex failed to provide. Therefore, ACL is not liable for the claimed damages.

Court Disposition

Plaintiff’s claim dismissed with costs.

Orders

  • Plaintiff’s claim is dismissed with costs.