High Court in landmark ruling
http://www.theindependent.co.zw/
July 27, 2012 in News
Staff Writer
THE High Court has ruled a commercial bank should reimburse its client money
deposited in a foreign currency account (FCA), which was later raided by the
Reserve Bank as it tried to prop up government during the hyperinflation
era.High Court judge Justice Francis Bere made the landmark ruling
(judgment HH-310-11), likely to have serious ramifications across the
banking sector, when he directed Standard Chartered Bank to repay China
Shougang International an undisclosed amount which the company deposited
with the bank. China Shougang is a trade and engineering company.
In its defence, StanChart had argued the company should claim its money from
the RBZ, which had liquidated FCAs, but the court ruled against it.