Mangudya urges court to dismiss bond notes challenge

Reserve Bank of Zimbabwe governor, John Mangudya, has filed an application at the High Court to have the matter challenging the legality of bond notes dismissed.

BY DESMOND CHINGARANDE

John Mangudya

John Mangudya

Mangudya has been taken to court together with President Robert Mugabe and Finance minister Patrick Chinamasa by Combined Harare Residents’ Association director, Mfundo Mlilo, challenging the introduction of the bond notes and the law relating to the same.

In his founding affidavit, the central bank governor stated that the matter should be dismissed after Mlilo failed to file his answering affidavit in the required two-month period.

“The matter should be dismissed for want of prosecution, as clearly, there is absolutely no serious intention by Mlilo to bring the matter to finality,” the affidavit read.

Mangudya said Mlilo’s application had no prospects of success because his founding affidavit was fatally defective because it had no date.

He also submitted that Mlilo wasted time by filing an unfounded application and had consequently incurred unnecessary legal costs opposing an application, which he did not intend to fully prosecute.

Mlilo had earlier challenged the use of bond notes, saying they were worthless paper.

The Combined Harare Residents’ Association boss had also submitted that Mangudya’s actions were unlawful and unconstitutional to issue the bond notes without any cover or reserves, as required by a section of the Reserve Bank Act.

Mlilo had further submitted that circulating the bond notes was irrational and grossly unreasonably in that they would have parity with United States
dollars.

9 Responses to Mangudya urges court to dismiss bond notes challenge

  1. greg April 21, 2017 at 8:54 am #

    Not worthy reporting…..newsday mataura chii ipapa?

  2. Mdara Danger April 21, 2017 at 9:29 am #

    this is just about filling up the page.no news at all.nothing informative

  3. Batsiranayi Ngugama April 21, 2017 at 12:55 pm #

    if you are a journalist you know what is news and not news. Are bond notes a national catastrophe? People are suffering so much and businesses are dwindling. The US$ has disappeared in the market. NewsDay is right to report such a story. Newspaper pages are very expensive and no Editor will fill up pages with useless stories like rallies by spendforce recycled ministers’ utterances. Viva NewsDay.

  4. Mukaranga April 21, 2017 at 1:44 pm #

    THis is news indeed. How can someone in a right frame of mind genuinely try to convince a Court that Bond Notes are good for the economy? Can someone throw this idiot off a nineteenth floor window please, we are fed up of his corruption and idiocy.

  5. jacobho April 21, 2017 at 3:12 pm #

    k…. so wat now ???????????

  6. Ignatious Chombora April 21, 2017 at 5:07 pm #

    this guy promised that he will rsign if the bond note does not end cash problems. why is he still there? now we are using goats as currency!

    • John M April 22, 2017 at 2:12 am #

      Hope there are enough goats to go around otherwise we might be forced to use “Goat Notes” (guaranteed of course by the AFREXIM Bank).

  7. garry April 21, 2017 at 7:19 pm #

    mangudya yo money has proved that its useless as a nation learn to do the will of the people

  8. Reader April 22, 2017 at 10:33 am #

    Saka Traffic police yave kufudzawo mbudzi here?

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