News / National
Bond notes challenged in court
22 Sep 2016 at 16:14hrs | Views
The pending introduction of bond notes in October has been challenged in court by Harare businessman Frederick Mutanda.
Mutanda filed his papers at the High Court saying it is unconstitutional and is in violation of the Reserve Bank Act Chapter 22.15 among other fiscal legislations on the legal tender, ZBC reported.
Mutanda cited the Reserve Bank of Zimbabwe as the first respondent, the Governor of the RBZ as the second respondent while Minister of Finance, Stanbic Bank and the Attorney General have been cited as third, fourth and fifth respondents.
In his founding affidavit, Mutanda says he has businesses which are likely to be affected by the introduction of the bond notes.
He said he filed the application in his personal capacity in terms of Section 85 of the Constitution of Zimbabwe.
He challenged the proposed placement of export proceeds earned by exporters into the central bank's nostro account, adding that there is no guarantee that they will get their money.
Mutanda filed his papers at the High Court saying it is unconstitutional and is in violation of the Reserve Bank Act Chapter 22.15 among other fiscal legislations on the legal tender, ZBC reported.
Mutanda cited the Reserve Bank of Zimbabwe as the first respondent, the Governor of the RBZ as the second respondent while Minister of Finance, Stanbic Bank and the Attorney General have been cited as third, fourth and fifth respondents.
He said he filed the application in his personal capacity in terms of Section 85 of the Constitution of Zimbabwe.
He challenged the proposed placement of export proceeds earned by exporters into the central bank's nostro account, adding that there is no guarantee that they will get their money.
Source - ZBC
