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SUPREME COURT OF ZIMBABWE

ZIYAMBI JA, HLATSHWAYO JA & MAVANGIRA AJA

HARARE, SEPTEMBER 1, 2014

T. Mpofu, for the appellant

L. Matapura, for the respondent

MAVANGIRA AJA:    After hearing the parties on 1 September 2014 this Court pronounced:

“It is the unanimous view of this Court that the appeal has merit and ought to succeed.

Accordingly, it is ordered as follows:

1.      The appeal is allowed with costs.

2.      The judgment of the court a quo is set aside and substituted with the following:

‘The application is dismissed with costs.’

Reasons for this judgment will follow in due course.”

The following are the reasons.

BACKGROUND

The appellant obtained an arbitral award dated 31 December 2008 requiring that the respondent pay it an amount equivalent to US$70 719,00  multiplied by the parallel market rate obtaining on the date of payment and within 48 hours of the uplifting of the award.