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Harare High Court
Shelly Makwiranzou v Old Mutual Limited & 5 Ors
HH 341-24
Case Details
Court
Harare High Court
Date
14 August 2024
Citation
HH 341-24
Neutral Citation
[2024] ZWHH 341
Outcome
unknown
Case Type
Application
Bench
Presiding
Musithu J
Full Bench
Musithu J
Areas of Law
Banking and finance lawInvestment lawConstitutional law (alternative relief)Exchange control regulations
Keywords
Unit trust investmentCurrency redenominationExchange Control Directive RT120/2018Nostro FCARTGS FCA
Tags
Investment disputeCurrency conversionUnit trustsExchange control
legislation
Statutes Cited
- Constitution of Zimbabwe
- Constitution of Zimbabwe
- Constitution of Zimbabwe
- Constitution of Zimbabwe
- Reserve Bank Act
- Reserve Bank Act
- Collective Investment Schemes Act
- Exchange Control Regulations
- Finance Act (No. 2) Act of 2019
- Finance Act (No. 2) Act of 2019
ai analysis
Case Summary
Key Issues
- {"issue_text":"Whether the application properly combined constitutional and non-constitutional relief","issue_type":"procedural","dispositive":"no","related_facts":"Application sought both contractual and constitutional relief"}
- {"issue_text":"Whether applicant established cause of action against properly cited respondents","issue_type":"procedural","dispositive":"yes","related_facts":"Fourth to sixth respondents joined but no amended papers filed"}
- {"issue_text":"Whether applicant's investment should have remained in USD as Nostro FCA","issue_type":"mixed","dispositive":"no (not reached)","related_facts":"Funds were USD cash deposits from international employment"}
- {"issue_text":"Whether currency conversion legislation was unconstitutional","issue_type":"constitutional","dispositive":"no (abandoned)","related_facts":"Conversion affected property rights and equal protection"}
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background
Facts of the Case
Background
The applicant, a retired accountant, invested USD$72,232.87 with Old Mutual entities in a unit trust scheme between 2010-2015. Following currency reforms in 2018-2019, her investment was converted to local currency, which she challenged claiming constitutional violations and breach of contract.
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