ZILBEX INVESTMENTS Versus CBZ Bank

HH 96/23

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Case Details

Court

Harare High Court

Date

11 July 2022

Citation

HH 96/23

Neutral Citation

[2023] ZWHH 96

Outcome

unknown

Case Type

Urgent Chamber Application

Bench

Presiding

CHIRAWU-MUGOMBA J

Full Bench

CHIRAWU-MUGOMBA J

Areas of Law

Banking LawCommercial LawProcedural Law

Keywords

interim interdictprima facie rightFIU directivesuspicious transaction reportZETSS

Key Issues

{"issue_text":"Whether the applicant has established a prima facie right to the money claimed, sufficient to justify the granting of an interim interdict.","issue_type":"law","dispositive":"yes","related_facts":"The freezing of the account by the bank following FIU directive and police warrant; the allegation of fraud by GCC."}
{"issue_text":"Whether a court can interdict lawful conduct undertaken by a bank in compliance with a statutory directive from the FIU and a police warrant.","issue_type":"law","dispositive":"yes","related_facts":"The FIU directive under s17 of the Banking Act and the warrant of search and seizure."}

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background

Facts of the Case

Background

The applicant sought an order to compel the respondent bank to release ZWL $34,700,000 that was frozen in its account. The funds were allegedly transferred by an entity called Gain Cash and Carry (GCC), but GCC later reported that the transaction was fraudulent and the transfer instruction was forged. The respondent bank froze the account following a directive from the Financial Intelligence Unit (FIU) and a police warrant of search and seizure.

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