The Supreme Court has ruled that all debts incurred before
the 22nd of February 2019 shall be settled in the local currency on a one to
one basis. A judgement has been made by Chief Justice Luke Malaba in an appeal
case against a High Court judgement by Zambezi Gas Zimbabwe.
In a development that is set to settle the dust pertaining
to contestations of denomination of debts in the lower and other courts, the
Supreme Court has effectively ruled that all debts accrued in US dollars or any
other currency before the 22nd of February 2019 shall be rated and settled on a
one is to one basis with the Zimbabwe dollar in line with the Statutory
Instrument 33 of 2019.
Chief Justice Luke Malaba made the ruling together with
Justice Susan Mavingira and Justice Nicholas Mathonsi Mathonsi in an appeal
case involving Zambezi Gas Zimbabwe (Pvt) LTD against V.N.R.Barber and the
Sherriff of Zimbabwe. Details are that V.B.R(first respondent) Barber offered
services to Zambezi Gas Zimbabwe services in May 2018 to the tune of US$3 885
000.00. It follows that in May 2019 after the promulgation of S.I 33 of 2019
the Zambezi Gas, following a high court order went on to pay the first
respondent RTGS$ 4 136 806.54, being debt plus interest.
However, the V.B.N
Barber insisted and made an application that it was still owed US$ 3 992 018.31
as the amount paid was just US$144 778.23 using the payment date’s interbank
rate in May. V.B.R Barber therefore instructed the Sheriff, cited as the second
respondent, to attach Zambezi properties in Hwange to settle the outstanding
debt of US$3 992 018.31. In making his ruling, Chief Justice Malaba said “The
High Court further erred in failing to find that the US dollar debt was capable
of being discharged at a rate of one US dollar to One Rtgs dollar as specified
in Section 4(1)(d) of SI 33/19 and therefore failing to find that the appellant
fully discharged the debt on 21 May 2019″.
In conclusion, Chief Justice Malaba ruled ” The payment of
Rtgs$ 4 136 806.54 made by the appellant was in full and final settlement of
the debt in terms of Section 4(1) (d) of the Statutory Instrument 33 of 2019.
zbc
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