On 8th November, 2024, Finsbury Investments Limited was granted rare Leave to Appeal to the Supreme Court against a Court of Appeal decision which ruled in favor of Eastern and Southern African Trade & Development Bank (TDB).
In granting Leave, Supreme Court Judge Nigel K. Mutuna held that the Appeal has the potential to curtail the practice adopted by the Court of Appeal that sets a precedent which it would replicate to the detriment of not only the 2 parties, but the public at large, if not stopped.
The key question that the Supreme Court will need to address now when the main Appeal comes up before it is whether the High Court has jurisdiction to hear an application for extension of time within which to lodge an appeal that has been dismissed by the Court of Appeal. The matter is being argued by RASO Chambers and Mulenga Mundashi Legal Practitioners for the Appellants, whilst Chibesakunda & Co are representing the Respondent.
