FBC Holdings Limited v Zimbabwe Nantong International (Pvt) Ltd & Anor

HH 369-24

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Case Details

Court

Harare High Court

Date

28 August 2024

Citation

HH 369-24

Neutral Citation

[2024] ZWHH 369

Outcome

unknown

Case Type

Application

Bench

Presiding

CHILIMBE J

Full Bench

CHILIMBE J

Areas of Law

Commercial ArbitrationContract InterpretationPublic Policy Review

Keywords

Arbitral AwardSetting AsidePublic PolicyNatural JusticeCurrency ClauseUnilateral VariationBreach of Contract

Key Issues

{"issue_text":"Did the arbitrator breach rules of natural justice in finding unilateral contract variation?","issue_type":"procedural","dispositive":"yes","related_facts":"Arbitrator found FBC inserted clause after signature without evidence"}
{"issue_text":"Was the arbitral award in conflict with public policy?","issue_type":"law","dispositive":"yes","related_facts":"Award punished innocent party and rewarded breach"}
{"issue_text":"Did the arbitrator err in interpreting currency conversion formulas?","issue_type":"mixed","dispositive":"yes","related_facts":"Two conflicting formulas in contract documents"}

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background

Facts of the Case

Background

FBC Holdings awarded a USD 24.8 million construction contract to Zimbabwe Nantong. A dispute arose over currency conversion formulas for payment. Zimbabwe Nantong alleged FBC unilaterally inserted a clause mandating payment at RBZ auction rate. After failed negotiations, the matter went to arbitration. The arbitrator found FBC breached the contract and awarded USD 967,200 damages. FBC applied to set aside the award.

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