HH 291-18 RIOZIM LIMITED versus AFRASIA BANK ZIMBABWE LIMITED

RIOZIM LIMITED

versus

AFRASIA BANK ZIMBABWE LIMITED

(In the liquidation duly represented by the

Deposit Protection Corporation its Liquidator)

 

 

HIGH COURT OF ZIMBABWE

MUNANGATI-MANONGWA J

HARARE, 17 May 2018 & 30 May 2018

 

Opposed Matter

 

D. Ochieng, for the applicant

F. Siyakurima, for the respondent

 

 

            MUNANGATI-MANONGWA J: The applicant seeks leave to sue the respondent a company under liquidation and costs thereof. The application is opposed. The leave sought if granted will facilitate the issuance of summons wherein the applicant seeks the following relief:

  1. A declarator to the effect that the agreement signed by the parties on the 23rd of July 2013 is void.
  2. An order that defendant repays the sum of US$532 800.04 to the plaintiff.
  3. Costs of suit

            The background facts to this case are as follows: On the 23rd July 2013 the parties entered into a deed of settlement wherein the applicant agreed to pay respondent the sum of US$4 556 777.78. This figure was a compromise as the claim instituted far exceeded this amount. Applicant defaulted in making payments (although applicant indicates it purposely ceased payments) and the respondent sought to enforce the deed of settlement through an application in the High Court seeking payment of $3 629 586.57, the balance thereof.

            Makoni J (as she then was) dismissed the application pronouncing the deed of settlement or compromise as voidable. The respondent lodged an appeal with the Supreme Court and the matter is set to be heard on the 5th June 2018.

 

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2018