Victoria Falls firm sues RBZ, Barclays

A Victoria Falls-based recreational company Shear Water Safaris has dragged the central bank and Barclays Bank of Zimbabwe Private Limited to court over half a million dollars seized by the monetary authorities in 2007.

The company alleges its $500 000 was appropriated by RBZ at the height of the economic meltdown in 2007 following a monetary statement centralising all foreign currency accounts.

Shear Water told the court that between 2007 and 2008, Barclays Bank under the instructions of the RBZ carried out two transactions debiting money from Shear Water's account without the recreational company's knowledge.

The company says Barclays Bank should have resisted RBZ's directive as it was unlawful and against protection from deprivation of property.

Shear Water alleges the bank has so far only reimbursed $130 000 after acknowledging in 2010 its indebtedness and they are saying it was obligated to pay in full.

The High Court is yet to make its determination over the matter.