Jonathan Gapare v MBCA Bank Ltd & 2 Ors

HB 221-20

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Case Details

Court

Bulawayo High Court

Date

8 October 2020

Citation

HB 221-20

Neutral Citation

[2020] ZWHB 221

Outcome

unknown

Case Type

Application

Bench

Presiding

KABASA J

Areas of Law

Banking LawProperty LawCivil Procedure

Keywords

sale in executionRTGSbond notescurrency parityproperty auction

Key Issues

{"issue_text":"Whether payment of $94,000 through RTGS constitutes payment of $94,000 for purposes of determining if property was sold at unreasonably low price","issue_type":"mixed","dispositive":"yes","related_facts":"Property sold for $94,000 RTGS; valuation showed lower USD values"}
{"issue_text":"Whether court can disregard legal currency parity in name of equity","issue_type":"law","dispositive":"no","related_facts":"Applicant argued equity should consider black market rates"}

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background

Facts of the Case

Background

The applicant sought to set aside the confirmation of a sale in execution of his immovable property, arguing that payment of $94,000 through RTGS was not equivalent to $94,000 in USD due to currency distortions. The property was sold to satisfy a debt owed by the applicant's company to MBCA Bank, with the applicant as surety.

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