Read the full judgment text of CACV 000055/1978 on BabelCite. This Court of Appeal judgment was delivered on 17 October 1979.
1. Messrs. Nam Hoi Ltd. was a Hong Kong company dealing in merchandise of various descriptions. It commenced trading in 1967 and in October of that year it opened an account with the plaintiff bank. During the next twelve months Nam Hoi employed the resources of the bank to complete a number of deals concerning goods imported by it from outside Hong Kong by means of letters of credit. In this way the bank financed the importation of a variety of goods including steel bars, blankets, and cement.