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Credit Facilities and Money Lending

HH04-08 : CECIL MADONDO (In his capacity as the duly appointed Liquidator of Century Discount House Ltd) vs ZIMBABWE BANKING CORPORATION
Ruled By: GARWE JP

On a careful analysis of the facts of this case, I am satisfied that the apparent dispute, on the facts, can be resolved by adopting a robust approach. It is clear that CDH operated a current account with Zimbank. By whatever name one may call it, CDH enjoyed an unsecured overdraft facility with Zimbank. No security ...
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HH43-10 : KUDAKWASHE MAVINDIDZE and NYARADZO MAVINDIDZE vs MURISI MUKONOWESHURO
Ruled By: PATEL J

If, on the other hand, the Acknowledgement of Debt is premised on a disguised loan, as is contended by the defendant, the total sum, inclusive of capital and interest, claimed by the plaintiffs may well exceed the amount legally claimable under the in duplum rule. The Acknowledgement of Debt, and the loan, underlying it fall to ...
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HH155-10 : BLESSMORE CHANAKIRA vs TAWANDA MAPFUMO and W.R. GABRAITH
Ruled By: CHIWESHE JP

On 29 October 2008 the applicant and the first respondent entered into a written agreement in terms of which the applicant advanced to the first respondent the sum of one hundred thousand United States dollars (the equivalent then of two hundred Old Mutual Ordinary Shares listed on the Stock Exchange). ...
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HH206-10 : STANBIC BANK ZIMBABWE LIMITED vs FLAIR FURNITURE COMPANY (SUCCESSORS) LIMITED
Ruled By: MTSHIYA J

On 10 March 2010 the plaintiff issued summons against the defendant praying for the following relief - “(a) Payment of the amount of USD80,421=84; (b) Interest thereon at the rate of 9.07% per annum; (c) Costs of suit.” The background to the above claim is that on 22 April 2003, through a facility letter addressed to the defendant's Mr ...
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HH225-10 : SOUTHEND CARGO AIRLINES (PVT) LTD and STEPHEN CHITUKU and PATIENCE CHITUKU vs INFRASTRUCTURE DEVELOPMENT BANK OF ZIMBABWE and THE SHERIFF OF ZIMBABWE and THE DEPUTY SHERIFF
Ruled By: MTSHIYA J

This application was filed on 2 March 2009 for the following relief - “(a) The writ of execution issued under HC11569/98 be and is hereby set aside. (b) The judgment of this court granted under HC11569/98 is hereby held to have been fully paid and settled by the applicants.” This matter has a long history dating back from ...
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HH177-14 : BONIFACE DENENGA and LORRANE DENENGA vs ECOBANK ZIMBABWE (PVT) LTD and STRIVEWELL INVESTMENTS P/L (represented by Mr. Makuyana The Judicial Manager) and THE SHERIFF OF ZIMBABWE
Ruled By: MAWADZE J

The background facts of this mater are as follows. The first respondent, on 10 July 2013, issued summons out of this court claiming the following against the applicants and the second respondent jointly and severally the one paying the other to be absolved; “a. Payment of US$288,519=90 due in respect of an unpaid loan facility advanced ...
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HH254-14 : NMB BANK LIMITED vs BRAITWOOD TRADING (PVT) LTD and BRABOURN INVESTMENTS (PVT) LTD and TAKESURE MAGORONGA and BERNARD MUTANGA
Ruled By: NDEWERE J

On 3 February 2011, the first defendant entered into an agreement with the plaintiff for a facility covering call loans, overdraft and off shore finance. The purpose of the facility was to assist the first defendant to purchase stock from overseas and local markets as well as day to day cash requirements.
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HH203-14 : CALEB DENGU and WILSON TENDAI NYABANDA vs ZIMBABWE ALLIED BANKING GROUP LIMITED
Ruled By: MATANDA-MOYO J

The plaintiff issued summons against the defendants on 18 January 2013 for the payment of $521,686=47 being money lent and advanced to Onclass Investments (Pvt) Ltd. The plaintiffs, on its declaration, stated that such loan was given in terms of a credit facility agreement between the plaintiff and Onclass Investments (Pvt) Ltd. The two defendants acted ...
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HH43-06 : ZIMBABWE DEVELOPMENT BANK vs NAGA SALONS and NYARAI CHIWAURA and BETTY CHIWAURA
Ruled By: KUDYA J

The plaintiff, the Zimbabwe Development Bank, hereinafter referred to as the Bank, issued summons out of this court on 17 December 2004 seeking, against the three defendants, jointly and severally, the one paying the others to be absolved, payment of $587,612,879=86 and interest thereon capitalized monthly at 1% per day calculated from the date of issue ...
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HH207-15 : G BANK ZIMBABWE LTD vs ZIMBABWE REVENUE AUTHORITY
Ruled By: KUDYA J

This is an appeal filed on 3 September 2013 by a registered commercial bank in the High Court in terms of section 65 of the Income Tax Act [Chapter 23:06]. It arises from taxation in the four areas of staff retrenchment costs, Nostro accounts, Nostro charges [non-resident tax on fees] ...
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Appealed
SC16-20 : INFRASTRUCTURE DEVELOPMENT BANK OF ZIMBABWE vs ENGEN PETROLEUM ZIMBABWE (RIVATE) LIMITED
Ruled By: GUVAVA JA, MAVANGIRA JA and ZIYAMBI AJA

This is an appeal against the decision of the High Court handed down under HH253-16 wherein the court a quo found the appellant liable to pay to the respondent the sum of US$847,847=65 together with costs of suit and interest at the prescribed rate from the date of the granting ...
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HH253-16 : ENGEN PETROLEUM ZIMBABWE [PVT] LTD vs WEDZERA PETROLEUM [PVT] LTD and INFRASTRUCTURE DEVELOPMENT BANK OF ZIMBABWE
Ruled By: MAFUSIRE J

This was a civil trial. The first defendant [“Wedzera”] was in default. On application by the plaintiff [“Engen”] in respect to which the second defendant [“the Bank” or “IDBZ”] had nothing to say, I entered a default judgment against Wedzera, in favour of the plaintiff, in the sum of $847,847=65, ...
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Appealed
HH287-20 : PENELOPE STONE and RICHARD BEATTIE t/a THE STONE/BEATTIE STUDIO vs CENTRAL AFRICAN BUILDING SOCIETY and RESERVE BANK OF ZIMBABWE and MINISTER OF FINANCE & ECONOMIC DEVELOPMENT
Ruled By: ZHOU J

Both the applicant and the first respondent accept that theirs is a banker-customer relationship. The relationship has its foundation in contract, hence the general principles of the Law of Contract apply to it. It, however, has its unique features which would distinguish it from other special contractual relationships. The relationship ...
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HH224-22 : MUTSA DENHERE and DEMMUSK ENTERPRISES (PVT) LTD vs FAENSA FRISCO LIMITED
Ruled By: CHIRAWU-MUGOMBA J

The genesis of this matter lies in proceedings held under case number HC8844/12. In that matter, the respondent in casu obtained an order against the applicants as follows:1. Judgement be and is hereby entered in favour of the plaintiff against defendants jointly and severally the one paying the other to ...
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HH137-15 : OLIVER CHIDAWU and DANOCT INV and DANNOV INV and BROADWAY INV vs JAYESH SHAH and TN ASSET MANAGEMENT and PELHAMS LTD and ORS
Ruled By: MATHONSI J

Writing about negotiable instruments, the learned author R.H. CHRISTIE, Business Law in Zimbabwe, ed 2, Juta Co Ltd stated…,:“In outline, this concept is simply that provided a written instrument complies with the prescribed formalities, the legal rights which are written on the instrument may be transferred from person ...
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Appealed
SC97-21 : THE TRUSTEES FOR THE TIME BEING OF CORNERSTONE TRUST and JULIUS MAKONI and THE TRUSTEES FOR THE TIME BEING OF RYVONNE TRUST vs NMB BANK LTD
Ruled By: HLATSHWAYO JA, PATEL JA and MAVANGIRA JA

This is an appeal against the entire judgment delivered by the Honourable Justice Zhou in the High Court of Zimbabwe.The order sought to be impugned reads as follows:“IT IS ORDERED THAT:1. Judgment be and is hereby given in favour of the plaintiff against the first, second, and third defendants jointly ...
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HH466-18 : NMB BANK LTD vs THE TRUSTEES FOR THE TIME BEING OF CORNERSTONE TRUST and JULIUS MAKONI and THE TRUSTEES FOR THE TIME BEING OF RYVONNE TRUST
Ruled By: ZHOU J

The plaintiff, a commercial Bank, claims against the three defendants payment of a sum of money amounting to US$1,105,748=90 together with interest thereon at the rate of 15% per annum calculated from the 9th September 2015 to the date of payment in full; such interest to be calculated monthly and ...
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HH385-13 : WEBSTER RUSHESHA (as legal guardian of Panashe Rushesha and Tivonge Rushesha) and RASAR INVESTMENTS (PVT) LTD vs ALEXIOUS DERA and ZIMCOR TRUSTEES LTD and FRANK BUYANGA and BOKA INVESTMENTS (PVT) LTD and MATTHEW BOKA and REGISTRAR OF DEEDS
Ruled By: ZHOU J

This is an action instituted by the plaintiff claiming the following relief which is set out in the summons:“1. An order declaring that:(i) The purported sale between first and second defendants for the sale of 100% shareholding in second plaintiff, on or about 12th February 2009, and all actions flowing ...
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HH636-15 : SALTLAKES HOLDINGS (PVT) LTD and TEMBA MLISWA vs CBZ BANK LIMITED and THE SHERIFF OF ZIMBABWE N.O.
Ruled By: CHIGUMBA J

McNALLY JA said, that, in Deweras Farm (Private) Limited Ors v Zimbabwe Banking Corporation (Private) Limited 1988 (1) ZLR 368 (SC), had the applicants put forward an authoritative affidavit explaining detailed errors in calculation by the Bank, accompanied by a fresh calculation showing the “correct” amount due; and ...
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