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Harare High Court
Alshams Building Material t/a LLC v Tapera William Nyemba & 2 Ors
HH 113-11
Case Details
Court
Harare High Court
Date
1 June 2011
Citation
HH 113-11
Neutral Citation
[2011] ZWHH 113
Outcome
unknown
Case Type
Trial
Bench
Presiding
Kudya J
Full Bench
Kudya J
Areas of Law
Commercial LawBanking & FinanceContract LawExchange Control
Keywords
suretyshipforeign currency loanexchange controlpersonal guaranteesshare security
Tags
Banking & FinanceCommercial LawContract Law
legislation
Statutes Cited
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ai analysis
Case Summary
Key Issues
- {"issue_text":"Whether personal guarantees required exchange control permission","issue_type":"legal","dispositive":"yes","related_facts":"Guarantees denominated in foreign currency, defendants' offshore assets"}
- {"issue_text":"Whether defendants held out Barato's ability to repay","issue_type":"mixed","dispositive":"no","related_facts":"Loan installments schedule, representations about repayment sources"}
- {"issue_text":"Whether repayment was to be solely from dividends and security","issue_type":"mixed","dispositive":"no","related_facts":"Dividend payments, loan agreement terms, default on installments"}
- {"issue_text":"Whether third defendant is bound by his signature","issue_type":"mixed","dispositive":"yes","related_facts":"Sachikonye's testimony about signing, document heading"}
- {"issue_text":"Whether plaintiff has been repaid in full","issue_type":"mixed","dispositive":"yes","related_facts":"Share sale proceeds, dividend receipts, outstanding balance"}
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background
Facts of the Case
Background
A UAE company advanced a US$2.2 million loan to Barato Holdings Ltd, secured by Ariston shares and personal guarantees from three directors. When Barato defaulted, the plaintiff sold the shares and claimed the shortfall of US$1.56 million from the guarantors, who defended on grounds of exchange control violations and inadequate security value.
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