Relationship between customer and banker

Stone & Another vs CABS & Others (HH 287-20, HC 3727/18) [2020] ZWHC 287 (14 May 2020);

The applicants have succeeded in obtaining the relief which they sought before this court. There are no special reason warranting departure from the usual conclusion that costs should follow the result. The applicants are therefore entitled to recover their costs of suit.


In the result, IT IS ORDERED THAT:

1. Exchange Control Directive No. R120/2018 issued by the first respondent through its Governor on 4 October 2018 be and is hereby declared to be invalid, and is accordingly set aside.

2. The first respondent shall pay to the applicant the sum of US$142 000.00 in the currency of the United States of America or transfer that amount into a Nostro Foreign Currency Account as may be directed by the applicants within seven days from the date of this order together with interest thereon at the prescribed rate of 5 percent per annum from the 17th October 2018, being the date of the letter of demand, to the date of full payment or transfer into the Nostro Foreign Currency Account as directed herein.

3. The respondents shall pay the costs jointly and severally the one paying the others to be absolved.

Tendai Biti Law, applicants’ legal practitioners
Mawere Sibanda, first respondent’s legal practitioners
GN Mlotshwa & Company, second respondent’s legal practitioners
Civil Division of the Attorney-General’s Office, third respondent’s legal practitioners

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