Homelink (Private) Limited v Clever Maputseni

SC 4/22

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Case Details

Court

Supreme Court

Date

18 January 2022

Citation

SC 4/22

Neutral Citation

[2022] ZWSC 4

Outcome

unknown

Case Type

Appeal

Bench

Presiding

Mavangira JA

Full Bench

Mavangira JAUchena JAChitakunye JA

Areas of Law

Banking LawContract LawCurrency Regulations

Keywords

Foreign loanDomestic loanRTGS dollarsUnited States dollarsCurrency conversionDiaspora mortgage

Key Issues

{"issue_text":"Whether the loan agreement was a foreign loan/obligation payable in foreign currency","issue_type":"mixed","dispositive":"yes","related_facts":"Both parties Zimbabwean; loan for Zimbabwe property; largely disbursed in RTGS"}
{"issue_text":"Whether the court a quo erred in finding the loan was domestic","issue_type":"law","dispositive":"yes","related_facts":"Court found both parties Zimbabwean and loan for local property"}

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Facts of the Case

Background

A Zimbabwean moneylender (Homelink) granted a US$450,000 diaspora mortgage to a Zimbabwean national living in Ethiopia for purchase of property in Zimbabwe. The loan was largely disbursed in RTGS dollars at 1:1 rate. The respondent sought declaration that the loan was domestic and payable in RTGS dollars, which the High Court granted. The appellant appealed, arguing it was a foreign obligation payable in US dollars.

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