AL SHAMS GLOBAL BVI LIMITED
SUPREME COURT OF ZIMBABWE
GARWE JA, MAVANGIRA JA & UCHENA JA
HARARE, FEBRUARY 23, 2017 and February 5, 2018.
E. Matinenga for appellant
L. Uriri for respondent
UCHENA JA: The appellant is a Zimbabwean who resides in South Africa. He is a former director of Rodstreet Trading (Private) Limited (“Rodstreet”), a Company registered in terms of the laws of Zimbabwe. The respondent is a company registered in the British Virgin Islands but operating from Dubai though engaging in financial transactions in Zimbabwe.
The common cause facts on which the dispute arose are as follows:
On 22 August 2011, Rodstreet drew and issued a Bankers Acceptance hereinafter called “the BA” in the sum of US$117 335.91 in favour of Interfin Bank. Interfin Bank accepted the BA. The BA’s due date was 21 November 2011, that is, 91 days after sight.
Interfin Bank subsequently sold the BA to the respondent on a buyback basis. By letter dated 7 March 2012, Interfin Bank advised Rodstreet that it had sold the BA to the