ConCourt sets aside RTGS/US$ High Court ruling

Constitutional Court (ConCourt)

THE Constitutional Court (ConCourt) has set aside a landmark ruling by High Court judge Justice Joseph Mafusire who ordered CABS Bank to pay a local businessman US$142 000, which it had converted to Real Time Gross Settlement (RTGS) during the 2019 currency reforms.

The seven-member ConCourt bench said it would avail the reasons for its decision later.

Beattie and Stone were the joint applicants represented by Advocate Tererai Mafukidze, while CABS Bank was represented by Advocate Thembinkosi Magwaliba and the Reserve Bank of Zimbabwe was represented by Advocate Lewis Uriri instructed by Nqobile Munzara, while Finance minister Mthuli Ncube was represented by Lovemore Madhuku.

The ConCourt bench set aside all the orders given by Justice Mafusire, who, in his judgment had pointed out that paragraphs 2.5 and 2.6 of the Exchange Control Directive RT120/2018, issued in terms of section 35(1) of the Exchange Control Regulations Statutory Instrument 109 of 1997 changing the currency situation, which CABS relied on, were unconstitutional.

Justice Mafusire had ordered that CABS should pay the applicants the sum of US$142 000 together with interest of 5% per annum from November 28, 2016 to the date of payment.


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