Read the full judgment text of HCA 002675/1997 on BabelCite. This High Court CFI judgment was delivered on 10 February 2003.
1. The Plaintiff sued the Defendant for repayment of two loans advanced to the Defendant by two irrevocable letters of credit totalling US$703,835.45 of which US$186,130.12 had been repaid leaving an outstanding balance of US$517,693.33. The Defendant did not dispute liability for the balance of the loan but counterclaimed against the Plaintiff for its breach of contract or for the loss of the Defendant's goods. Shortly before trial, the Plaintiff's solicitors sought and was granted leave to cea