Zimbabwe Development Bank v Naga Salons and Nyarai Chiwaura and Betty Chiwaura

HH 43-2006

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Case Details

Court

Harare High Court

Date

5 April 2006

Citation

HH 43-2006

Neutral Citation

[2006] ZWHH 43

Outcome

unknown

Case Type

Trial

Bench

Presiding

KUDYA J

Full Bench

KUDYA J

Areas of Law

Banking LawContract LawCommercial Law

Keywords

Invoice DiscountingIn Duplum RuleInterestBank ChargesSuretyship

Key Issues

{"issue_text":"Whether defendants are liable to pay bank charges in the sum of $87,612,879.86","issue_type":"fact","dispositive":"yes","related_facts":"Calculation of discount rate and processing fee"}
{"issue_text":"Whether defendants are liable to pay interest on both capital and interest on $500 million from date of summons to date of full payment","issue_type":"law","dispositive":"yes","related_facts":"Application of in duplum rule"}
{"issue_text":"Whether defendants are liable to pay costs on attorney/client scale and collection commission","issue_type":"law","dispositive":"yes","related_facts":"Interpretation of agreement clauses"}

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Facts of the Case

Background

The plaintiff, Zimbabwe Development Bank, advanced $250 million to the first defendant under an Invoice Discounting Agreement, with the second and third defendants as sureties and co-principal debtors. The defendants admitted owing the capital and interest totaling $500 million but disputed additional bank charges and the commencement date for post-in duplum interest. The court found the plaintiff failed to prove the discount rate charges but was entitled to the processing fee, and interest could only commence from the date of judgment.

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