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Banking, Finance and Insurance Law

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Banking, Finance and Insurance Law
5 documents
Mukteshwar Sugar Mills Ltd v Salima Sugar Company Ltd (Commercial Cause 136 of 2024) [2025] MWHC 4 (7 February 2025)
Ex parte freezing injunction vacated after applicant suppressed material related‑party and forensic‑audit facts.
  • Civil procedure — freezing injunctions — Order 10 r.11, r.12(2)(b) CPR — requirements: good and arguable case, assets likely to form part of judgment, risk of dissipation — equitable relief requires full and frank disclosure — clean hands doctrine — proportionality of freezing orders — relevance of forensic audit and related-party conflicts.
Judgment 7 February 2025
R v Uzioigwe (Case No. 03 of 2024 (Being criminal case No. 05 of 2024)) [2024] MWHC 61 (20 November 2024)
Whether seized foreign currency should be forfeited where a businessperson hid funds and used a fake receipt, outweighing mitigating circumstances.
  • Exchange control — Regulation 36(1) discretionary forfeiture of foreign currency — judicial exercise of discretion — aggravating factors (large sum, concealment, forged receipt, business person) v. mitigating factors (first offender, plea, alleged hardship) — precedents: Kamanga; Zheng Yan; Henry Kopa; Ashraf Bdallal El Ali — requirement to hear accused in opposition to forfeiture.
Judgment 20 November 2024
Mthuzi v Transglobe Produce Exports LTD & General Alliance Insurance Limited (Civil Cause 381 of 2021) [2024] MWHC 67 (18 October 2024)
Insurer subrogation succeeds where driver of BR 398 failed to give way, entitling recovery of MK15,390,000 plus interest and costs.
  • Road traffic negligence — duty to give way at junction; proof by photographs and damage pattern; insurer’s right of subrogation to sue in insured’s name; discretion to admit late documents under frontloading rules; award of compound interest and costs.
Judgment 18 October 2024
Batatawala and Another v Director of Anti Corruption Bureau and Another (Constitutional Cause 1 of 2023) [2024] MWHC 19 (10 April 2024)
Retrospective application of the FCA was found by necessary implication but did not violate constitutional protections against conviction for non-offences.
  • Constitutional law — retrospectivity of statutes — Financial Crimes Act section 42 vs repealed MLA section 35 — interpretation of saving provision section 141(2) FCA — right not to be convicted for non-existent offence and protection against harsher retrospective penalties — procedural commencement via constitutional referral (Order 19 CPR).
Judgment 10 April 2024
Reserve Bank of Malawi v Finance Bank Malawi Limited (In Voluntary Liquidation) (By Original Action) and Finance Bank Malawi Limited (In Voluntary Liquidation) v Attorney General (By Counterclaim) (Commercial Cause 202 of 2008) [2014] MWHC 516 (27 October 2014)
Whether a central bank lawfully revoked a bank's licence and reclaimed supervision and forensic audit costs.
  • Banking law — revocation of banking licence — statutory powers under Banking Act (ss 10, 31) — due process and urgency; Prudential supervision — recovery of costs (s 53) — forensic audit fees recoverable; Constitutional/administrative law — natural justice and section 43 — adequacy of hearing in urgent financial contexts; Consent orders and side letters — duress, waiver and estoppel; Public law torts — misfeasance in public office — bad faith not established; Interest — compound interest awarded.
Judgment 27 October 2014