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Supreme Court
Magic Software Enterprises Limited v Nedbank Zimbabwe Limited
SC 47/25
Case Details
Court
Supreme Court
Date
30 May 2025
Citation
SC 47/25
Neutral Citation
[2025] ZWSC 47
Outcome
unknown
Case Type
Appeal
Bench
Presiding
Uchena JA
Full Bench
Uchena JAKudya JAChatukuta JA
Areas of Law
Banking lawExchange control regulationsDeclaratory relief
Keywords
Foreign currency accountRTGS dollarsExchange control directiveNon-resident escrow accountForeign obligation
Tags
Banking lawForeign currencyExchange controlDeclaratory order
legislation
Statutes Cited
- High Court Act
- Reserve Bank of Zimbabwe Act
- Reserve Bank of Zimbabwe Act
ai analysis
Case Summary
Key Issues
- {"issue_text":"Whether appellant established a right to declaratory order","issue_type":"procedural","dispositive":"yes","related_facts":"Failure to produce contractual documents, insufficient evidence of rights"}
- {"issue_text":"Whether respondent correctly acted in terms of contract when re-designating account under RT 120/18","issue_type":"mixed","dispositive":"no","related_facts":"Terms of banker-customer relationship, source of deposits"}
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background
Facts of the Case
Background
An Israeli IT company (Magic Software) opened a non-resident escrow USD account with Nedbank Zimbabwe to receive payments from Tel-One. When RBZ issued Directive RT 120/18, Nedbank converted the USD 1,996,723.02 balance to RTGS dollars. Magic Software sought a declaratory order that the funds constituted a foreign obligation and the conversion was unlawful.
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