Bulk payment platform, Paynet lost a lawsuit at the High Court against Bankers Association of Zimbabwe (BAZ). Back in July, Paynet, a subsidiary of Cambria Africa filed a lawsuit of US $100 million against BAZ for anti-competitive practices.
In the lawsuit, Paynet accused BAZ of influencing banks to breach their agreements and not pay their dues of US $ 470 000 despite banks initially acknowledging the debt.
Notwithstanding the foregoing, defendant (BAZ) engaged in anti-competitive practices, actively preventing its members from free and constructive engagement with the plaintiffs (Paynet Zimbabwe and Payserv Africa). The defendant was effectively instructing its members to breach their respective contracts and existing arrangements with the plaintiff.
Newsday report
Paynet went on to say that the breach of agreement by banks was a way for them to abandon using Paynet for a new alternative bulk payment platform. As a result of this “anticompetitive behaviour” by BAZ, Paynet lost US $100 million worth of business- hence the lawsuit.
Plaintiffs (Paynet) deem the defendant’s (BAZ) conduct to be deliberately anticompetitive and destructive to the conduct and profitability of its business and its ability to freely and individually contract and negotiate directly with the members of the defendant…plaintiffs calculate that the adverse impact of the defendant’s actions stands at US$100 000 000
But, BAZ which was represented by renowned lawyer, Thabani Mpofu won the case with costs against Paynet.
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3 comments
When you write stories like this please state why the court made its ruling. The reasoning behind the decision is important as it will form a precedent for future competition cases. In this story all you did was give the background to the story, the various claims that were made by the parties and the fact that BAZ won the case.
dude, this is techzim! here you get news copied off other websites lol!
the real news will be elsewhere
I agree. The reasoning behind the judges ruling is what most are concerned with. Or, even the defense put up by the BAZ, it is not the name of the lawyer that wins cases.