Harare loses appeal, ordered to pay US$468,000 bitumen debt in USD as per 2019 Finance Act.

The City of Harare, Zimbabwe, lost a High Court appeal regarding a US$468,000 payment to Furbank Trading, a bitumen supplier. The municipality aimed to pay the debt in local currency at a 1:1 exchange rate, contrary to the original contract in US dollars. The court upheld an arbitral award favoring Furbank, ordering Harare to pay the debt in US dollars as mandated by the Finance Act (No 2) of 2019, dismissing the city’s appeal.

September 03, 2024
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