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Harare High Court
CAFCA Limited v Reserve Bank of Zimbabwe
HH 186-10
Case Details
Court
Harare High Court
Date
15 September 2010
Citation
HH 186-10
Neutral Citation
[2010] ZWHH 186
Outcome
unknown
Case Type
Trial
Bench
Presiding
MTSHIYA J
Full Bench
MTSHIYA J
Areas of Law
Commercial LawContract LawBanking Law
Keywords
foreign currency allocationauction systemspecific performancecontract formationestoppel
Tags
BankingForeign ExchangeContractSpecific Performance
legislation
Statutes Cited
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ai analysis
Case Summary
Key Issues
- {"issue_text":"Whether defendant is contractually obliged to pay plaintiff the sum of US$750,000","issue_type":"mixed","dispositive":"yes","related_facts":"Special allocation arrangement, payment made, foreign currency not disbursed"}
- {"issue_text":"Whether defendant is estopped from denying its obligation to pay plaintiff the sum of US$750,000","issue_type":"law","dispositive":"no","related_facts":"Defendant's conduct in creating expectation of allocation"}
- {"issue_text":"Whether defendant's tender to repay in Zimbabwean currency is a proper tender which plaintiff is obliged to accept","issue_type":"law","dispositive":"no","related_facts":"Zimbabwe dollar devaluation, other companies accepted refunds"}
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background
Facts of the Case
Background
CAFCA Limited, a cable manufacturer, entered a special arrangement with the Reserve Bank of Zimbabwe to receive weekly foreign currency allocations without bidding. From January 2005 to July 2005, CAFCA paid the Zimbabwe dollar equivalent for US$750,000 in allocations, but the Reserve Bank failed to disburse the foreign currency. CAFCA refused a Zimbabwe dollar refund and sued for specific performance.
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