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Chief Court Reporter
The Supreme Court has today quashed a High Court decision ordering attachment of land belonging to West Property Holdings to counter balance the debt with Fairclot Investments over the funding for a dual carriageway in Harare leading to Robert Gabriel Mugabe International Airport.
The ruling comes after Augur appealed to the Supreme Court to overturn the High Court decision that it should settle its debt with Fairclot in United States dollars instead of the local currency.
In a judgment delivered this morning, a three-judge panel of Justices Chinembiri Bhunu, George Chiweshe and Hlekani Mwayera unanimously agreed that the debt was executable in local currency, in terms of the country’s financial laws.
This means Augur has fully discharged its liability when it paid Fairclot in local currency, putting to rest the protracted financial dispute pitting the two companies.
The issue for determination before the appeals court was whether the arbitral award which had been issued in March 2015 in favour of Fairclot had to be executed in United States dollars or was a local currency payment, as Augur was holding, valid.
Online Reporter