Easy Credit (Private) Limited & 6 Ors v Infrastructure Development Bank of Zimbabwe

[2021] ZWSC 85

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Case Details

Court

Supreme Court

Date

18 February 2019

Citation

[2021] ZWSC 85

Judgment No.

SC 85/21

Outcome

unknown

Case Type

Appeal

Bench

Presiding

Gwaunza DCJ

Full Bench

Gwaunza DCJGowora JAGuvava JA

Areas of Law

Commercial LawBanking LawContract Law

Keywords

loan agreementjoint venturecredit facilitysuretyrepayment

Key Issues

{"issue_text":"What is the nature of the agreement between the parties?","issue_type":"mixed","dispositive":"yes","related_facts":"Agreement entitled 'Trade Finance Agreement', contained loan terminology, provided for profit sharing"}
{"issue_text":"Whether the appellants jointly and severally are indebted to the respondent?","issue_type":"law","dispositive":"yes","related_facts":"Appellants admitted owing money, bound themselves as sureties"}
{"issue_text":"Who is liable for payment of costs of suit?","issue_type":"procedural","dispositive":"no","related_facts":"Respondent successful in claim"}

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background

Facts of the Case

Background

The first appellant obtained a US$500,000 revolving credit facility from the respondent bank in August 2015. The second to seventh appellants bound themselves as sureties. The appellants claimed the agreement was a joint venture, while the respondent insisted it was a loan agreement. The High Court found it was a loan agreement and ordered repayment.

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