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Supreme Court
Augur Investments & Doorest Properties v Fairclot Investment & The Sheriff & The Registrar of Deeds
SC 93/23
Case Details
Court
Supreme Court
Date
15 September 2023
Citation
SC 93/23
Neutral Citation
[2023] ZWSC 93
Outcome
unknown
Case Type
Appeal
Bench
Presiding
CHIWESHE JA
Full Bench
BHUNU JACHIWESHE JAMWAYERA JA
Areas of Law
Commercial arbitrationCivil procedureCurrency law
Keywords
Arbitral awardSI 33/2019ExecutionCurrency conversionRTGS dollars
Tags
ArbitrationCurrency conversionExecution
legislation
Statutes Cited
- High Court Act
ai analysis
Case Summary
Key Issues
- {"issue_text":"Whether an arbitral award granted before 22 February 2019 but registered after that date is subject to the 1:1 conversion rate under SI 33/2019","issue_type":"law","dispositive":"yes","related_facts":"Award granted 19 March 2015, registered 26 June 2019, SI effective 22 February 2019"}
- {"issue_text":"Whether registration of an arbitral award creates a new judgment debt or merely enables execution","issue_type":"law","dispositive":"yes","related_facts":"Award registered for execution purposes only"}
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background
Facts of the Case
Background
The first respondent obtained an arbitral award against the first appellant for US$4.8 million in March 2015. After appeals were dismissed, the award was registered as a court order in June 2019. The appellant paid RTGS$4.8 million plus interest, leading the sheriff to uplift the judicial attachment on the property. The respondent disputed this, arguing payment should be at the inter-bank rate, not 1:1.
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