Ecocash loses court case battle against RBZ. High Court of Zimbabwe has thrown out an application by EcoCash for the restoration of thousands of agent lines terminated by the Reserve Bank of Zimbabwe for suspected illegal forex trading.
The court ruled that EcoCash had no standing to litigate on behalf of its agents and RBZ actions lawful adding that it cannot interdict a lawful act as that interdict will prevent the RBZ from performing its functions in terms of the law.
In the chamber application, EcoCash had presented that they were not consulted before the RBZ made its decision and that the RBZ doesn’t have the power to suspend EcoCash agents.
The court application also pointed out that the agents haven’t committed a crime>chaosafrica
#BREAKING High Court throws out application by EcoCash for restoration of 1000s of agent lines ordered terminated by the Reserve Bank of Zimbabwe for suspected illegal forex trading. A judge ruled EcoCash had no standing to litigate on behalf of its agents and RBZ actions lawful pic.twitter.com/1tydGAGaZQ
— ZimLive (@zimlive) May 26, 2020