The High Court has set aside the exchange control directive 120/2018, declaring that USD debts made before the law February 2018 when the new measures were introduced to be paid in using USD.
By Everson Mushava
The order was made in a matter where Penelope Douglas Stone from The Stone/Beattie Studio took CABS, the Reserve Bank of Zimbabwe and the Ministry of Finance to court over a US$142 000 deposits in the building society, demanding the restoration of the value of their money.
This was after CABS had refused to pay Stone and Beattie in US$ saying doing so would be a violation of the RBZ directive.
Penelope Douglas Stone was represented by Biti Tendai when it received the order declaring the USD-RTGS conversation in fiscal and monetary changes announced by the RBZ on October 1, 2018, a manifestly violation of the right to property.
More to follow.
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