Infrastructure Development Bank of Zimbabwe v Engen Petroleum Zimbabwe (Private) Limited

SC 16/20

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Case Details

Court

Supreme Court

Date

6 February 2020

Citation

SC 16/20

Neutral Citation

[2020] ZWSC 16

Outcome

unknown

Case Type

Appeal

Bench

Presiding

Guvava JA

Full Bench

Guvava JAMavangira JAZiyambi AJA

Areas of Law

Banking lawCommercial lawAgency law

Keywords

Bank guaranteeOstensible authorityStatutory corporationTurquand rule

Key Issues

{"issue_text":"Whether Mugwara had authority to issue the two guarantees","issue_type":"mixed","dispositive":"yes","related_facts":"Mugwara's position as Head of Short Term Loans Unit; his job description; bank's internal procedures"}
{"issue_text":"Whether appellant was liable based on ostensible authority","issue_type":"law","dispositive":"yes","related_facts":"Mugwara's conduct and representations; respondent's reliance"}
{"issue_text":"Whether Turquand Rule applied despite s 30 of IDBZ Act","issue_type":"law","dispositive":"no","related_facts":"Appellant is statutory corporation; s 30 excludes Companies Act application"}

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background

Facts of the Case

Background

The appellant, a statutory corporation, issued two guarantees totaling US$950,000 for Wedzera Petroleum's fuel purchases from respondent. When Wedzera failed to pay, respondent claimed payment from appellant. Appellant denied liability claiming the guarantees were fraudulently issued by an unauthorized employee.

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