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Chinese company takes RBZ to court

by Staff reporter
16 Jul 2013 at 05:46hrs | Views
A Chinese company Shougang Int has taken RBZ to court demanding the release of its money garnished from Standard Chartered.

The company's lawyer Tendai Masawi has said serious political consequences were looming if Standard Chartered Bank Zimbabwe fails to pay $47 000 owed to the Chinese engineering company.

He said China Shougang International is demanding its $47 789.86 from the bank which the bank is contesting a High Court order compelling it to pay the Kwekwe-based Chinese firm.

The bank said the funds has been remitted to the Reserve Bank of Zimbabwe in 2007 at the height of hyper- inflation.

The bank through its lawyer said action should be taken against RBZ since the funds were not available at StanChart.

Source - newsday