Mangudya urges court to dismiss bond notes challenge

Mangudya urges court to dismiss bond notes challenge
Published: 21 April 2017 (65 Views)


Reserve Bank of Zimbabwe governor, John Mangudya, has filed an application at the High Court to have the matter challenging the legality of bond notes dismissed.

Mangudya has been taken to court together with President Robert Mugabe and Finance minister Patrick Chinamasa by Combined Harare Residents’ Association director, Mfundo Mlilo, challenging the introduction of the bond notes and the law relating to the same.

In his founding affidavit, the central bank governor stated that the matter should be dismissed after Mlilo failed to file his answering affidavit in the required two-month period.

"The matter should be dismissed for want of prosecution, as clearly, there is absolutely no serious intention by Mlilo to bring the matter to finality," the affidavit read.

Mangudya said Mlilo’s application had no prospects of success because his founding affidavit was fatally defective because it had no date.

He also submitted that Mlilo wasted time by filing an unfounded application and had consequently incurred unnecessary legal costs opposing an application, which he did not intend to fully prosecute.

Mlilo had earlier challenged the use of bond notes, saying they were worthless paper.

The Combined Harare Residents’ Association boss had also submitted that Mangudya’s actions were unlawful and unconstitutional to issue the bond notes without any cover or reserves, as required by a section of the Reserve Bank Act.

Mlilo had further submitted that circulating the bond notes was irrational and grossly unreasonably in that they would have parity with United States dollars.

- newsday

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