Two Architects Reject RTGS$, Drag Building Society To Court

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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More: Daily News

2 comments

  1. Emma O Beirne Reply

    Huh! My mother transferred sterling ex UK to Cabs, and when she tried to repatriate it 2 years ago they told her the monies hadn’t been registered with Reserve Bank (which they had been asked to do), and that she couldn’t do this. She pursued it further and was told to provide proof the funds originated in the UK, she did this with letters and statements from the UK bank, they still refused to help her despite the monies coming in at a time when she was told she would be able to send out. Should I be contacting Tendai as well I wonder??

  2. godfrey chikowore Reply

    At least there has to be some grain of decency in dealing with financial issues and banking operations as is the practice globally especially considering the requisite international financial provisions to which Zimbabwe enjoys a signatory status. However with an erratically operating economy such as we have in our beautiful nation, anything can be expected as speculation is rife right from the cabinet to the street corners, yet all that flies finally lands, perches.

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