Currency Reforms End Joice Mujuru & Agritech In Court
Former Vice President, Joyce Mujuru has approached the High Court in a bid to stop property attachment by Peppy Motors (Pvt) Ltd trading as Agritech.
The move came after Agritech demanded that Mujuru pays US$76000 instead of the Z$76 000 which she had paid for farming equipment bought in 2015.
Daily News reports that when the two parties entered into a deed settlement in May, they were both aware that the USD and the Real Gross Domestic Product (RTGS) dollar were at par following the introduction of Statutory Instrument 33 of 2018.
Agritech, however, demanded that Mujuru’s Ruzirun Investments pay the money in United States dollars.
In her application, Mujuru stated that Steward Bank where Agritech borrowed the money to buy the equipment was still using the 1:1 ratio. She argued:
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It is pertinent to state that Steward Bank, to which the respondents seek to repay the loan is receiving repayments which they advanced to customers in US dollars at the rate of one–to-one and have not asked customers to repay at the interbank rate.
Apart from this court’s urgent intervention, respondents will sell the said moveable property which belongs to the applicants who will suffer humongous proprietary losses and leave their eighty employees in untold travail and tribulation.
The development comes when the local currency has rapidly lost value against the United States dollar. As of Friday, the interbank rate stood at 14.43 per USD. On the parallel market, the rate was at 20.5 per dollar.
More: Daily News
