The Supreme Court of Appeal confirmed that where post-judgment interest is payable at the prescribed rate of interest under the Prescribed Rate of Interest Act, 1975 is the appropriate rate of interest that prevails at the time when judgment is granted in favour of the claimant in the initial court in which the proceedings take place, in this case the date of the High Court judgment not the Supreme Court of Appeal judgment. Interest was awarded at the applicable rate at the time, namely 15.5%.
Although not part of the necessary findings, the judgment confirms that the in duplum rule applies up to the date of judgment but the rule permits post-judgment interest to run afresh at the applicable rate (the contractual rate or the prescribed rate) from the date of the judgment to the date of final payment.