Funding Initiatives International (Private) Limited v Constantine Mabaudi

Key Issues

• {"issue_text":"Whether the acknowledgement of debt signed on 1 August 2003 novated the defendant's debt","issue_type":"law","dispositive":"yes","related_facts":"Execution of Exhibit 6 acknowledging $61 million debt"}
• {"issue_text":"Whether the acknowledgement of debt is valid and enforceable","issue_type":"law","dispositive":"yes","related_facts":"Challenge to validity based on illegal interest rates"}
• {"issue_text":"Whether the plaintiff was entitled to charge interest as agreed or in terms of the law","issue_type":"law","dispositive":"yes","related_facts":"Interest rates charged of 650% and 450% per annum"}
• {"issue_text":"Whether the defendant is indebted to the plaintiff in the sum of $120,546,585.84","issue_type":"mixed","dispositive":"yes","related_facts":"Plaintiff's calculation of outstanding balance"}
• {"issue_text":"Whether the defendant overpaid the plaintiff by the sum of $24,681,621.27 or any other amount","issue_type":"mixed","dispositive":"yes","related_facts":"Defendant's counterclaim calculation"}

Background