High Court Judge President George Chiweshe yesterday dismissed, with costs, an application by Frederick Mutanda, challenging the legality of Statutory Instrument 133-2016 that backed the release of bond notes into circulation. Mutanda was also challenging the constitutionality of the Presidential Powers (Temporary Measures) Act that was used in formulating the bond notes law.
In passing his judgement, Chiweshe said that the matter lacked urgency and that the concerns raised by Mutanda were speculative. Said Chiweshe:
More importantly, the applicants have not established, to the satisfaction of the court that the introduction of bond notes would cause them irreparable harm. The third and fourth respondents (RBZ and its Governor Dr John Mangudya) have clearly spelt out, as monetary authorities, the objectives sought to be met by the introduction of bond notes. The concerns of the applicants are not based on any objective facts. What the applicants foresee as the inevitable consequence of the introduction of bond notes is, to all intents and purposes, based on speculation. I am satisfied that the requirements for urgency have not been met in this application and for that reason, the application cannot succeed. Accordingly, it is ordered that the application be and is hereby dismissed with costs.
More: Herald
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