Should we take banks for swapping bonds for USD? This is a question I asked myself after I read a story of a man who has been taken to court for stealing after he swapped $4000 US dollars with $4000 bond notes.
As you well know, bond notes are officially said to be on par value with US dollars. That alone tells me that bond notes and US dollars are fungible. Therefore, it means that if you lend someone $10 US dollars, they should be able to honor the debt by either paying you with $10 bond notes or $10 US dollars. The messenger merely swapped the currencies and for that, he is being charged with stealing. How come?
Here is what really happened?
The messenger was sent to collect $4000 US dollars from a debtor, Old Nic Mine. The messenger was given two sealed packs of United States dollars which contained a total of 200 notes in $20 denominations.
Upon receiving the money, the messenger replaced (swapped) the US dollars with his bond notes. He then went on to deliver $4010 bond notes to his security company. Instead of delivering $4000 bond notes since he swapped $4000 US dollars he mistakenly added an extra $10 bond notes. (making it $4010 bond notes).
As a sign of an honest gesture, an accountant from the messenger’s company called Old Nic Mine paying officer telling them about the extra $10 bond notes.
Then Old Nic Mine paying officer explained that its impossible to have paid the messenger’s company an extra 10 bond because the money was in US dollars and the US dollars were only 20-dollar notes.
The messenger then got apprehended for theft and he appeared before the magistrate.
But Banks are doing the same, aren’t they?
Banks are doing pretty much the same that landed the messenger in court. When I deposit my Us dollars and then, later on, I choose to withdraw my money from my bank account they give me bond notes. They are essentially swapping. So, we can conclude that banks are stealing from us. Therefore, we can take banks to courts, isn’t it?
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I think we may need get a legal mind to weigh in on this but you might have a point. As Zimbabweans I feel we don’t dig deeper into or challenge certain laws that are imposed on us. This could be groundwork for a massive class action suit with Mangudya and Chinamasa in the firing line.
Im not a lawyer, but the issue is not that of value but of property. The same reason you cant swap out cars of the exact same value, mileage and specs is the same reason you can’t open a sealed envelope and swap out the contents with an equivalent of equal value, the person was transporting property not value. So he was suppose to deliver the exact property he was given.
On the case of bank it is different, banks store and transact value not property. A bank is only expected to give you money of equal value not the specific notes you gave them. So banks are well with in their rights to give you money of equal value as regulated by law.
That is true. Even if the messenger had sold the USD on the market and brought in 4000 plus 25%, he would still have been arrested. The car example is perfect. If you exchange my skorokoro for a 4matic i will take you to court for vehicle theft kkkkk
If the writer of this article decides to deposit proper USD cash into a bank here, then i think the writers screen is missing a few pixels !!
The first thing is to arrest and fire mangudya from being a garvener because he is the one who told lies at first saying the bond will be one to one with us dollar .The truth is there because when l wanted to buy my car from Japan though the bank from my account ,l was told that my account does not hold us dollar instead they are only bond notes .But initially l had deposited my $7000 us dollars
It’s called theft by conversion. You have converted someone elses property to your own use, even if you intend to replace it. Money is identifiable property by virtue of having serial numbers, this applies both to the USD and Bond notes. Some companies keep serial numbers of money, especially big denominations, to keep themselves from having issues later when making payments and recipients claim there was a fake. The messenger also broke that chain of trust.
This is cool insight… Really provides context. Thanks for this