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Harare High Court
Camel Mining (Private) Limited v Metbank Limited & 2 Ors
HH 123-21
Case Details
Court
Harare High Court
Date
12 March 2021
Citation
HH 123-21
Neutral Citation
[2021] ZWHH 123
Outcome
unknown
Case Type
Application
Bench
Presiding
Mangota J
Full Bench
Mangota J
Areas of Law
Banking lawContract lawCurrency law
Keywords
Statutory Instrument 33 of 2019RTGS dollarsInterbank rateForeign currency obligationsMortgage bond
Tags
Banking lawCurrency conversionLoan agreementsMortgage bonds
legislation
Statutes Cited
- Reserve Bank Act
- Finance (No. 2) Act, 2019
ai analysis
Case Summary
Key Issues
- {"issue_text":"Whether Camel settled its indebtedness to Metbank when it paid ZWL3,470,550 at interbank rate","issue_type":"mixed","dispositive":"yes","related_facts":"Loan agreement concluded after SI 33/2019; payment made at interbank rate"}
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background
Facts of the Case
Background
Camel Mining obtained a US$200,000 loan from Metbank in March 2019, secured by mortgage bonds. In June 2020, Camel repaid US$130,388.33 equivalent in Zimbabwean dollars (ZWL3,470,550) at interbank rate. Metbank accepted payment without prejudice but refused to release mortgaged property, insisting on US dollar payment.
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