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Constitutional Court Sets Aside High Court Ruling On Conversion Of US Dollar Balances To RTGS

6 months agoWed, 31 May 2023 04:29:22 GMT
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Constitutional Court Sets Aside High Court Ruling On Conversion Of US Dollar Balances To RTGS

The Constitutional Court (ConCourt) has set aside a landmark ruling by High Court judge Justice Joseph Mafusire on the conversion of US dollars to Real Time Gross Settlement (RTGS) during the 2019 currency reforms.

The seven-member ConCourt bench said it would avail the reasons for its decision later, reported NewsDay.

In a ruling delivered on 15 February 2023, High Court judge Justice Joseph Mafusire said that laws used to convert US dollar balances into Zimbabwean dollars were unconstitutional to the extent that they violated property rights.

Justice Mafusire ordered CABS to pay US$142 000 to the applicants that it had converted to RTGS during currency reforms in 2019.

The applicants were Richard Harold Stuart Beattie and Penelope Douglas Stone and were represented by Tererai Mafukidze instructed by Tendai Biti.

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The respondents were CABS represented by Thembinkosi Magwaliba, the Reserve Bank of Zimbabwe represented by Lewis Uriri and Finance and Economic Minister Mthuli Ncube represented by D Jaricha from the Attorney-General’s Office. Ruled Justice Mafusire:

The conversion of the amount of US$142 000 standing to the credit of the applicants savings account No 1005428905 with the first respondent (CABS) as at November 28, 2016 violated section 71 of the Constitution.

Justice Mafusire ruled that CABS should pay the applicants the sum of US$142 000 together with interest of 5% per annum from November 28 2016 to the date of payment.

The ConCourt bench has now set aside all the orders given by Justice Mafusire in his ruling.

More: Pindula News



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