The Supreme Court has upheld a decision by the High Court to dismiss Mr. Thomas Kanjere claim against Old Mutual for a special insurance annuity policy exceeding US$30,000. The court ruled that Mr. Kanjere’s claim was time-barred as it was not brought within the prescribed timeframe outlined by the Prescription Act.
Mr. Thomas Kanjere had invested the proceeds of his former pension fund in 1989 in an annuity scheme with Old Mutual to secure a guaranteed income in his old age. However, hyperinflation significantly eroded the value of his investment, prompting him to seek redress.
Despite Mr. Kanjere’s efforts to seek compensation for the diminished value of his policy, the court found that his claim should have been initiated within three years of the cause of action arising, as per the Prescription Act.
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Old Mutual raised a special plea of prescription, arguing that Mr. Kanjere’s claim was time-barred, which the court upheld. Despite Mr. Kanjere’s appeal, the Supreme Court affirmed the lower court’s decision, concluding that his claim had indeed prescribed.
The ruling underscores the importance of adhering to legal timelines in pursuing civil suits and highlights the significance of initiating legal actions within the stipulated timeframe to avoid prescription.
