Zimbabwe: RBZ Governor 'Irregular' Washington Affidavit Results in Central Bank's Loss in U.S.$7 Million Gold Dispute

Zimbabwe: RBZ Governor 'Irregular' Washington Affidavit Results in Central Bank's Loss in U.S.$7 Million Gold Dispute

The High Court has criticised the conduct of Reserve Bank of Zimbabwe (RBZ) governor, John Mushayavanhu and his legal team, describing their handling of court papers as "untenable", "highly misleading," and procedurally defective in a ruling that set aside the central bank's decision to freeze millions of dollars linked to a long-running gold trade arrangement.

Court rebukes Central Bank, lifts US$7m freeze - The Zimbabwe Mail Court rebukes Central Bank, lifts US$7m freeze

The High Court has ruled in favour of Al Shams Global Ltd, setting aside a Reserve Bank directive that froze US$7 million and delivering a sharp rebuke of the central bank’s handling of the matter. In a judgment handed down last week, Justice Joseph Mafusire declared the decision by the Reserve Bank of Zimbabwe unlawful, irrational and procedurally flawed, ordering the immediate lifting of the account suspension and directing the bank to pay leg…

High Court slams RBZ over ‘arbitrary and irrational’ account freeze

HARARE – A Harare Commercial Court judge has delivered a stinging rebuke of the Reserve Bank of Zimbabwe, finding that it acted unlawfully, irrationally, and in bad faith when it froze a gold-buying company’s funds, and that the central bank governor’s own court papers were worthless because he signed them electronically from Washington while pretending to be in Harare. Justice Joseph Mafusire, in a 23-page judgment handed down on April 22, set …