{"id":98301,"date":"2024-09-03T07:14:35","date_gmt":"2024-09-03T05:14:35","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/?p=98301"},"modified":"2024-09-03T06:16:45","modified_gmt":"2024-09-03T04:16:45","slug":"hcc-ordered-to-pay-supplier-in-us-dollars","status":"publish","type":"post","link":"https:\/\/www.africa-press.cc\/zimbabwe\/all-news\/hcc-ordered-to-pay-supplier-in-us-dollars","title":{"rendered":"HCC ordered to pay supplier in US dollars"},"content":{"rendered":"

Africa-Press – Zimbabwe. <\/strong><\/span>THE City of Harare has lost a High Court appeal in a matter in which it sought to pay a bitumen products supplier in local currency despite having been quoted in foreign currency.<\/p>\n

The municipality was arguing that it should settle the US$468 000 using a 1:1 United States to local currency conversion rate.<\/p>\n

Bitumen products supplier Furbank Trading was, however, granted an arbitral award after challenging the local authority\u2019s plans to settle the bill in local currency.<\/p>\n

The municipality had filed a court application for the setting aside of an arbitral award rendered by Thomas Alexander Taylor in favour of Furbank Trading.<\/p>\n

Furbank Trading had submitted a claim for arbitration stating that sometime in July 2018, it was awarded a tender for the supply and delivery of bitumen products for emergency road rehabilitation.<\/p>\n

A contract was subsequently executed between the parties for the supply and delivery of bitumen products.<\/p>\n

City of Harare ordered bitumen products and Furbank supplied the same for US$468 855.<\/p>\n

In May 2019, Furbank presented an invoice to council.<\/p>\n

City of Harare acknowledged its indebtedness to Furbank through a memorandum dated May 31, 2019, but the debt was not settled, resulting in the matter being referred to arbitration.<\/p>\n

Council opposed Furbank\u2019s claim arguing that the amount due to it ought to be settled in local currency, citing Statutory Instrument 33 of 2019.<\/p>\n

The arbitrator then ruled in favour of Furbank.<\/p>\n

The City of Harare approached the High Court seeking the setting aside of the arbitral award on the basis that it was contrary to the public policy of Zimbabwe.<\/p>\n

Former High Court judge Justice Webster Chinamhora dismissed council\u2019s appeal.<\/p>\n

\u201cIn my view, the arbitrator made a finding that the applicant incurred an obligation towards the respondent after the first effective date and, therefore, should pay the respondent the RTGS [real time gross settlement] equivalence of the United States dollar as contemplated by section 22(e) of the Finance Act (No 2) of 2019,\u201d Chinamhora ruled.<\/p>\n

\u201cMy view is that the arbitrator\u2019s finding and ruling is consistent with the law.<\/p>\n

\u201cThe award is not contrary to public policy.<\/p>\n

\u201cA reading of the arbitrator\u2019s award clearly shows that the established facts and applicable law are in tandem.<\/p>\n

\u201cI find nothing contrary to public policy since section 22(e) of the Finance Act (No 2) of 2019 supports the conclusion reached by the arbitrator.\u201d<\/p>\n

Chinamhora added: \u201cTherefore, the arbitrator not only upheld the parties\u2019 agreement, but also correctly applied the law to the established facts.<\/p>\n

\u201cThe application be and is hereby dismissed. The applicant shall pay the respondent\u2019s costs.\u201d<\/p>\n

For More News And Analysis About Zimbabwe Follow Africa-Press<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. THE City of Harare has lost a High Court appeal in a matter in which it sought to pay a bitumen products supplier in local currency despite having been quoted in foreign currency. The municipality was arguing that it should settle the US$468 000 using a 1:1 United States to local currency […]<\/p>\n","protected":false},"author":84,"featured_media":98300,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6,8,35,2715],"tags":[19],"class_list":{"0":"post-98301","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-economy","9":"category-head-lines","10":"category-homepage-english","11":"category-to-homepage","12":"tag-zimbabwe"},"yoast_head":"\nHCC ordered to pay supplier in US dollars - zimbabwe<\/title>\n<meta name=\"description\" content=\"THE City of Harare has lost a High Court appeal in a matter in which it sought to pay a bitumen products supplier in loc ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/hcc-ordered-to-pay-supplier-in-us-dollars\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"HCC ordered to pay supplier in US dollars\" \/>\n<meta property=\"og:description\" content=\"THE City of Harare has lost a High Court appeal in a matter in which it sought to pay a bitumen products supplier in loc ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/hcc-ordered-to-pay-supplier-in-us-dollars\" \/>\n<meta property=\"og:site_name\" content=\"zimbabwe\" \/>\n<meta property=\"article:published_time\" content=\"2024-09-03T05:14:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-09-03T04:16:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2024\/09\/sm_1725324344.234964.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"790\" \/>\n\t<meta property=\"og:image:height\" content=\"414\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/hcc-ordered-to-pay-supplier-in-us-dollars\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/hcc-ordered-to-pay-supplier-in-us-dollars\",\"name\":\"HCC ordered to pay supplier in US dollars - 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