A local building society has been dragged to court by two architects over a disagreement on the value of money. The architects argued before the court that they deposited money into the financial institution in 2016 before the introduction of bond notes and the RTGS$.
Penelope Douglas Stone and Richard Harold Stuart Beattie are now challenging the building society’s decision to pay them in RTGS$.
Through their lawyer Tendai Biti, the architects argued before High Court judge Happious Zhou that they even wrote to the financial institution when bond notes were introduced in 2016 advising it that there will be no further deposits or withdrawals from the account. This, they say, was to secure their funds.
The building society’s lawyer Godknows Nyangwa and RBZ representative Lewis Uriri urged the court to dismiss the application based on the following arguments:
- There was no proof that the pair had deposited cash deposits of US dollars,
- They cannot demand hard currency when they deposited through electronic transfer,
- The letter by architects did not also specify that the account had to be ring-fenced.
- The RBZ Act provides that a debt designated in US dollars can be acquitted by the equivalent nominal value in bond notes or RTGS$.
Biti responded saying that during the time in question, even if the deposit was made through electronic transfer, the mode of payment was designated in US dollars.
The judge reserved ruling in the matter.
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