RBZ sued over US$225 debt

25 Feb, 2020 - 11:02 0 Views
RBZ sued over US$225 debt


Mathew Masinge, Court Reporter

The Reserve Bank of Zimbabwe (RBZ) has been summoned to court by the National Business Council of Zimbabwe (NCBZ) for failing to service a US$225 000 fund extended to War Veterans training.

According to the papers, the business council was last year engaged by RBZ after consultation with the Ministry of War Veterans to carry out a census of War Veterans and their dependents.

The company was then mandated to conduct a business management training programme for the War Veterans over a budget consented to by the central bank.

Parties agreed on a US$250 000 budget that was later to be affected by the re-introduction of the Zimbabwean dollar in August last year.

On August 16, last year, the RBZ allegedly went on to make a ZWL$250 000 to NBCZ as a full payment and finals settlement of the fund.

However, NCBZ claims that the RBZ failed to equate the debt to a 1:10 interbank rate saying the ZWL$250 000 only represented US$25 000 leaving an unresolved debt of US$225 000.

“Upon completion of the program, Plaintiff (NBCZ) raised its invoice in the sum of US$ 250 000 for its services for carrying out the program on the 7th of January 2019,” reads the summons.

The company also claims they notified RBZ of their intentions to revise the figure if repayment was not done in time.

“The letter dated 7th January 2019, advised Defendant (RBZ) of Plaintiff (NBCZ)’s intention to revise the figure if not paid on time because of the effects of inflation that was eroding the value of the money owed in RTGS,” continues the summons.

Despite demand, the RBZ has refused or failed to pay the outstanding ZWL$ equivalent to US$225 000 at prevailing interbank rate.

The matter is still pending.


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