It applied through an Administrative Court (AC) judgment, which invalidated the Reserve Bank of Zimbabwe (RBZ)s reasons and hasty closure of the bank in 2004. However, Time Bank said it was worried about the time it was taking for the Reserve Bank to attend to the paper work regarding the issue.? Led by its founding managing director, Chris Tande, the bank invoked the Administrative Justice Act (AJA) to force the then Finance minister Herbert Murerwa to intervene and correct the cancellation of its licence by Gideon Gonos central bank.? In his landmark ninepage ruling of August 2009, which has been duly acknowledged by Tendai Bitis newer regime, AC president Herbert Mandeya criticised Murerwas decision to support the deregistration of Time Bank.
It appears, though, that the RBZ misled Murerwa on key points of law leading to his approval of the unlawful cancellation of the banks licence.? Mandeyas verdict underlined an important constitutional matter that is of major interest to investors that the legislature is giving effect to the rule of natural justice (and) that you do not take away a citizens rights without giving an opportunity to be heard first.? In essence, Mandeyas findings effectively reinstate Time Banks licence and clears the path for the banks re-opening. In the meantime, it remains unclear why Matarukas department could not resolve the issue all along, given that his unreasonable actions could result in costs to the RBZ.