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Supreme Court
Breastplate Service (Private) Limited v Cambria Africa Plc
[2020] ZWSC 66
Case Details
Court
Supreme Court
Date
14 July 2020
Citation
[2020] ZWSC 66
Judgment No.
SC 66/2020
Outcome
unknown
Case Type
Appeal
Bench
Presiding
Gwaunza DCJ
Author
Patel JA
Full Bench
Gwaunza DCJPatel JAMakoni JA
Areas of Law
Commercial LawBanking LawContract Law
Keywords
Foreign currency obligationsRTGS dollarsLegal tenderExchange control regulations
Tags
Banking & FinanceForeign CurrencyContractual Obligations
legislation
Statutes Cited
- **Reserve Bank of Zimbabwe Act** [Chapter 22:15]
- **s 44C(2)(b)** (as inserted by S.I. 33/2019) – **applied**
- **for proposition**: foreign loans/obligations denominated in foreign currency remain payable in that currency despite issuance of RTGS dollars.
- {'**verbatim**': '“foreign loans and obligations denominated in any foreign currency, which shall continue to be payable in such foreign currency.”'}
- **Presidential Powers (Temporary Measures) Act** [Chapter 10:20]
- **s 2 & s 6(1)** – **interpreted**
- **for proposition**: instrument made under this Act lapses after 180 days; here used to explain why S.I. 33/2019 expired but was re-enacted in Finance (No. 2) Act 2019.
- **Companies Act** [Chapter 24:03] (repealed)
- **s 2 & s 329 & s 330** – **considered**
- **for proposition**: definitions of “foreign company” and “place of business” used to determine respondent’s residence.
ai analysis
Case Summary
Key Issues
- {"issue_text":"Whether the outstanding debt of USD 31,400.00 was a foreign obligation payable in USD or a local obligation payable in RTGS dollars","issue_type":"mixed","dispositive":"yes","related_facts":"Respondent is UK company, asset is Zambian shares, contract in USD"}
- {"issue_text":"Whether S.I. 142/2019 made payment in USD legally impossible","issue_type":"law","dispositive":"yes","related_facts":"S.I. 142/2019 declared Zimbabwe dollar sole legal tender"}
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background
Facts of the Case
Background
The appellant purchased shares from the respondent for USD 46,347.00 in 2016, paid USD 14,947.00, leaving USD 31,400.00 outstanding. After currency reforms in 2019, the appellant argued the balance was payable in RTGS dollars, not USD. The High Court ruled it remained payable in USD. The appellant appealed.
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