A local company, Profert Zimbabwe (Pvt) Ltd, has dragged the Reserve Bank of Zimbabwe (RBZ) to court for failing to reverse a transaction of $1, 112, 45 54 after a foreign liability deal was reversed.
According to court papers, in 2019 plaintiff had two outstanding foreign obligations to Profert (Pty) Ltd, a South African company, in the amounts of US$2 506 836 95 and US$1 112 451 54 totalling US$3 619 288 49.
The plaintiff through its banking agent, Stanbic Bank, approached RBZ with a view of registering its foreign liability and legacy debt to Profert (Pty) Ltd in accordance with the Exchange Control Directive to Authorised Dealers issued by RBZ Exchange Control Division on 22 February 2019 and blocked funds framework as set out in RBZ Exchange Control Circular 08 dated July 24 2019.
Accordingly, on July 1 2019, Profert Zimbabwe (Pvt) Ltd authorised the transfer of $3 619 288 49 from its account with Stanbic Bank to RBZ.
On 30 April this year, RBZ notified the plaintiff that its registration of blocked funds of US $1 112 451 54 to Profert (Pty) Ltd was not approved.
