Home / Business / Prominent Businessman Sues Zimbabwe Government to block introduction of new worthless Bond currency notes

Prominent Businessman Sues Zimbabwe Government to block introduction of new worthless Bond currency notes

The High Court yesterday accepted prominent businessman and FCM Motors owner Frederick Mutanda’s bond notes challenge. Mutanda is seeking to have the imposition of bond notes declared unconstitutional. In his application he listed the Reserve Bank of Zimbabwe and John Mangudya as first and second respondents. He also listed Stanbic Bank Limited and the Attorney General as third and fourth respondents respectively.

Zimbabwe People First leader Joice Mujuru’s lawyer Gift Nyandoro wrote to the Constitutional Court (Con-Court) on Friday 16 September asking the highest court in the land to treat his client’s recent legal action against the notes with urgency, following the announcement by RBZ governor John Mangudya that the central bank would be unveiling $75 million worth of the surrogate currency at the end of October.

In her application, Mujuru argues that bond notes are not provided for under the RBZ Act, adding that despite them being said to have the same value as the United States dollar, they were bound to depreciate in value in no time.

Government has however urged the Constitutional Court to dismiss her court challenge saying it lacked merit and was premised on speculation. The Constitutional Court will on September 28 determine whether or not the politician should be granted direct access to the apex court.

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