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\par CIVIL JURISDICTION
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\lang2057\langfe1033\langnp2057\insrsid11812701\charrsid8352044 Development Bank Act}{\lang2057\langfe1033\langnp2057\insrsid8352044 
\par }{\lang2057\langfe1033\langnp2057\insrsid11812701\charrsid8352044 with its Head Office at Suva, Fiji.}{\lang2057\langfe1033\langnp2057\insrsid13776521\charrsid8352044 
\par }{\b\lang2057\langfe1033\langnp2057\insrsid4996862\charrsid8352044 Plaintiff
\par }{\lang2057\langfe1033\langnp2057\insrsid4996862\charrsid8352044 
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\par }{\b\lang2057\langfe1033\langnp2057\insrsid11812701\charrsid8352044 CROWN CORK (FIJI) LIMITED}{\b\lang2057\langfe1033\langnp2057\insrsid5330803\charrsid8352044 ,}{\lang2057\langfe1033\langnp2057\insrsid11812701\charrsid8352044  a limited liabili}{
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\par 
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\par 2nd Defendant
\par 
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\par }{\b\lang2057\langfe1033\langnp2057\insrsid2171113\charrsid8352044 
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\par 
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\lang2057\langfe1033\langnp2057\insrsid11812701\charrsid8352044 Davanesh Sharma}{\lang2057\langfe1033\langnp2057\insrsid13179772\charrsid8352044  for the Plaintiff}{\b\lang2057\langfe1033\langnp2057\insrsid13179772\charrsid8352044 
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\lang2057\langfe1033\langnp2057\insrsid461214\charrsid8352044 s}{\lang2057\langfe1033\langnp2057\insrsid13179772\charrsid8352044 
\par }{\lang2057\langfe1033\langnp2057\insrsid13179772\charrsid8352044 
\par }{\b\lang2057\langfe1033\langnp2057\insrsid13179772\charrsid8352044 Solicitors}{\b\lang2057\langfe1033\langnp2057\insrsid8352044  }{\lang2057\langfe1033\langnp2057\insrsid13179772\charrsid8352044 : }{
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\par }{\lang2057\langfe1033\langnp2057\insrsid8352044\charrsid8352044 
\par }{\b\lang2057\langfe1033\langnp2057\insrsid461214\charrsid8352044 Date of Hearing}{\b\lang2057\langfe1033\langnp2057\insrsid3607187\charrsid8352044  }{\b\lang2057\langfe1033\langnp2057\insrsid11301793\charrsid8352044 :}{
\b\lang2057\langfe1033\langnp2057\insrsid8352044  }{\lang2057\langfe1033\langnp2057\insrsid461214\charrsid8352044 21st September 2010}{\b\lang2057\langfe1033\langnp2057\insrsid11301793\charrsid8352044 
\par }{\b\lang2057\langfe1033\langnp2057\insrsid15167372\charrsid8352044 Date of Submissions : }{\lang2057\langfe1033\langnp2057\insrsid15167372\charrsid8352044 15th November 2010}{\b\lang2057\langfe1033\langnp2057\insrsid15167372\charrsid8352044 
\par }{\b\lang2057\langfe1033\langnp2057\insrsid3607187\charrsid8352044 Date of Judgment}{\b\lang2057\langfe1033\langnp2057\insrsid8352044  }{\b\lang2057\langfe1033\langnp2057\insrsid3607187\charrsid8352044 : }{
\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044 24th January 2011}{\b\lang2057\langfe1033\langnp2057\insrsid3491967 
\par }{\b\lang2057\langfe1033\langnp2057\insrsid8352044\charrsid8352044 
\par {\listtext\pard\plain\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044 \hich\af0\dbch\af0\loch\f0 [1]\tab}}\pard \ql \li0\ri0\nowidctlpar\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin0\itap0\pararsid8352044 {
\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044 Plaintiff is a statutory body}{\lang2057\langfe1033\langnp2057\insrsid5330803\charrsid8352044 , empowered}{\lang2057\langfe1033\langnp2057\insrsid8140348\charrsid8352044 
 under section 18 (2) (b) of }{\lang2057\langfe1033\langnp2057\insrsid5330803\charrsid8352044 the Fiji}{\b\lang2057\langfe1033\langnp2057\insrsid8140348\charrsid8352044  Development Bank Act Chapter 21}{
\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044  to lend money on such terms and conditions as }{\lang2057\langfe1033\langnp2057\insrsid8140348\charrsid8352044 it may determine}{
\b\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044 . }{\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044 B}{\lang2057\langfe1033\langnp2057\insrsid7687748\charrsid8352044 y Writ of Summons}{
\lang2057\langfe1033\langnp2057\insrsid5330803\charrsid8352044 ,}{\lang2057\langfe1033\langnp2057\insrsid7687748\charrsid8352044  }{\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044 the Plaintiff }{
\lang2057\langfe1033\langnp2057\insrsid7687748\charrsid8352044 seeks }{\i\lang2057\langfe1033\langnp2057\insrsid7687748\charrsid8352044 inter alia}{\lang2057\langfe1033\langnp2057\insrsid7687748\charrsid8352044  for judgment against the }{
\lang2057\langfe1033\langnp2057\insrsid5330803\charrsid8352044 F}{\lang2057\langfe1033\langnp2057\insrsid7687748\charrsid8352044 irst and }{\lang2057\langfe1033\langnp2057\insrsid5330803\charrsid8352044 S}{
\lang2057\langfe1033\langnp2057\insrsid7687748\charrsid8352044 econd }{\lang2057\langfe1033\langnp2057\insrsid10041910\charrsid8352044 D}{\lang2057\langfe1033\langnp2057\insrsid7687748\charrsid8352044 efendants in the sum of $257,663.56 }{
\lang2057\langfe1033\langnp2057\insrsid2433426\charrsid8352044 and }{\lang2057\langfe1033\langnp2057\insrsid7687748\charrsid8352044 against the }{\lang2057\langfe1033\langnp2057\insrsid5330803\charrsid8352044 T}{
\lang2057\langfe1033\langnp2057\insrsid8805483\charrsid8352044 hird D}{\lang2057\langfe1033\langnp2057\insrsid7687748\charrsid8352044 efendant }{\lang2057\langfe1033\langnp2057\insrsid2433426\charrsid8352044 
in the sum of $150,000.00 as outstanding payments on money }{\lang2057\langfe1033\langnp2057\insrsid7687748\charrsid8352044 lent to the }{\lang2057\langfe1033\langnp2057\insrsid8140348\charrsid8352044 F}{
\lang2057\langfe1033\langnp2057\insrsid7687748\charrsid8352044 irst Defendant.}{\lang2057\langfe1033\langnp2057\insrsid12919265\charrsid8352044 
\par }\pard \ql \li0\ri0\nowidctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8352044 {\lang2057\langfe1033\langnp2057\insrsid12919265\charrsid8352044 
\par {\listtext\pard\plain\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044 \hich\af0\dbch\af0\loch\f0 [2]\tab}}\pard \ql \li0\ri0\nowidctlpar\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin0\itap0\pararsid8352044 {
\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044 The First Defendant, Crown Cork (Fiji) Limited (}{\b\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044 Crown Cork}{\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044 )
, is a limited liability company with its primary business be}{\lang2057\langfe1033\langnp2057\insrsid2051701\charrsid8352044 ing}{\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044  manufacturing corks. The }{
\lang2057\langfe1033\langnp2057\insrsid8140348\charrsid8352044 S}{\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044 econd and }{\lang2057\langfe1033\langnp2057\insrsid8140348\charrsid8352044 T}{
\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044 hird Defendants are its Directors.}{\lang2057\langfe1033\langnp2057\insrsid8352044  }{\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044 As per the terms and conditions set out in 
}{\lang2057\langfe1033\langnp2057\insrsid2051701\charrsid8352044 the }{\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044 agreement dated 10th May 1979 the Plaintiff had loaned a sum of $150,000 on a 10 year term 
to Crown Cork to purchase equipment for its business. (}{\b\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044 ABOD Document 242 Volume 2).}{\b\lang2057\langfe1033\langnp2057\insrsid8352044  }{
\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044 
\par }\pard \ql \li0\ri0\nowidctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8352044 {\lang2057\langfe1033\langnp2057\insrsid15167372\charrsid8352044 
\par {\listtext\pard\plain\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044 \hich\af0\dbch\af0\loch\f0 [3]\tab}}\pard \ql \li0\ri0\nowidctlpar\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin0\itap0\pararsid8352044 {
\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044 The aforesaid loan was secured upon (i) a first debenture over all the company}{\lang2057\langfe1033\langnp2057\insrsid8352044 '}{
\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044 s assets; (ii) personal Guarantees of the Defendants with a limit of $150,000; and (iii) Comprehensive insurance cover over the machinery and stock. }{
\b\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044 [Vide (ABOD) Documents 242 Volume 2].}{\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044  Thereafter}{\lang2057\langfe1033\langnp2057\insrsid2051701\charrsid8352044 ,}{
\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044  by Agreement dated 10th}{\lang2057\langfe1033\langnp2057\insrsid4004912\charrsid8352044  February 1994, the S}{\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044 econd Defendant}{
\lang2057\langfe1033\langnp2057\insrsid8352044 '}{\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044 s liability was agreed to be unlimited. }{\b\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044 [Vide}{
\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044  (}{\b\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044 ABOD)}{\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044  }{
\b\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044 Document 244 Volume 2]}{\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044 . The Third Defendant}{\lang2057\langfe1033\langnp2057\insrsid8352044 '}{
\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044 s liability }{\lang2057\langfe1033\langnp2057\insrsid2051701\charrsid8352044 was not varied}{\lang2057\langfe1033\langnp2057\insrsid5330803\charrsid8352044 ,}{
\lang2057\langfe1033\langnp2057\insrsid2051701\charrsid8352044  thus it }{\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044 remained at $150,000. On 23rd August 1994, the }{\lang2057\langfe1033\langnp2057\insrsid8805483\charrsid8352044 
Second Defendant}{\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044  also executed }{\lang2057\langfe1033\langnp2057\insrsid2051701\charrsid8352044 Mortgage B}{\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044 
ond No 363955 and provided as collateral, the secondary mortgagee rights over leased property No.203460. }{\b\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044 [Vide Exhibit 6]}{\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044 
 The same property had been earlier pledged to the Plaintiff in 1983 by the 2nd Defendants to secure personal loan advances. [}{\b\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044 Vide}{
\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044  }{\b\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044 (ABOD)}{\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044  }{
\b\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044 Document}{\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044  }{\b\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044 73 Volume 1/ Exhibit 5}{
\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044 ]. 
\par }\pard \ql \li0\ri0\nowidctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8352044 {\lang2057\langfe1033\langnp2057\insrsid15167372\charrsid8352044 
\par {\listtext\pard\plain\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044 \hich\af0\dbch\af0\loch\f0 [4]\tab}}\pard \ql \li0\ri0\nowidctlpar\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin0\itap0\pararsid8352044 {
\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044 The causes of action against the }{\lang2057\langfe1033\langnp2057\insrsid8140348\charrsid8352044 Second and T}{\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044 
hird Defendants are based on the aforesaid securities. 
\par }\pard \ql \li0\ri0\nowidctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8352044 {\lang2057\langfe1033\langnp2057\insrsid12919265\charrsid8352044 
\par {\listtext\pard\plain\lang2057\langfe1033\langnp2057\insrsid5325538\charrsid8352044 \hich\af0\dbch\af0\loch\f0 [5]\tab}}\pard \ql \li0\ri0\nowidctlpar\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin0\itap0\pararsid8352044 {
\lang2057\langfe1033\langnp2057\insrsid5325538\charrsid8352044 The Defendant by an inter-parte summons dated 28th November 2008, made an application to this court to adjourn }{\lang2057\langfe1033\langnp2057\insrsid2051701\charrsid8352044 indefinitely }{
\lang2057\langfe1033\langnp2057\insrsid5325538\charrsid8352044 the hearing of this action until a related civil action HBC 407 of 200}{\lang2057\langfe1033\langnp2057\insrsid9175063\charrsid8352044 0 is ready for trial. The said a}{
\lang2057\langfe1033\langnp2057\insrsid5325538\charrsid8352044 pplication of the Defendants was dismissed on 11th of February 2009 by the learned High Court Judge who heard this case at that time. 
\par }\pard\plain \s28\ql \li0\ri0\nowidctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8352044 \f36\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5325538\charrsid8352044 
\par {\listtext\pard\plain\lang2057\langfe1033\langnp2057\insrsid5325538\charrsid8352044 \hich\af0\dbch\af0\loch\f0 [6]\tab}}\pard\plain \ql \li0\ri0\nowidctlpar\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin0\itap0\pararsid8352044 
\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\lang2057\langfe1033\langnp2057\insrsid5325538\charrsid8352044 When the matter was taken up for trial before me, t}{\lang2057\langfe1033\langnp2057\insrsid8273989\charrsid8352044 
he Plaintiff was represented by counsel}{\lang2057\langfe1033\langnp2057\insrsid2051701\charrsid8352044 ;}{\lang2057\langfe1033\langnp2057\insrsid2433426\charrsid8352044  but}{\lang2057\langfe1033\langnp2057\insrsid2051701\charrsid8352044 ,}{
\lang2057\langfe1033\langnp2057\insrsid2433426\charrsid8352044  }{\lang2057\langfe1033\langnp2057\insrsid8273989\charrsid8352044 the Defendant was absent and unrepresented.}{\lang2057\langfe1033\langnp2057\insrsid8352044  }{
\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044 W}{\lang2057\langfe1033\langnp2057\insrsid2433426\charrsid8352044 hen th}{\lang2057\langfe1033\langnp2057\insrsid5325538\charrsid8352044 e }{
\lang2057\langfe1033\langnp2057\insrsid2433426\charrsid8352044 case was mentioned on 7th December 2009 to fix }{\lang2057\langfe1033\langnp2057\insrsid5325538\charrsid8352044 date of}{\lang2057\langfe1033\langnp2057\insrsid2433426\charrsid8352044  trial}{
\lang2057\langfe1033\langnp2057\insrsid9175063\charrsid8352044 , Mr}{\lang2057\langfe1033\langnp2057\insrsid15794964\charrsid8352044  Nacolawa }{\lang2057\langfe1033\langnp2057\insrsid2433426\charrsid8352044 had }{
\lang2057\langfe1033\langnp2057\insrsid15794964\charrsid8352044 obtained the date of trial }{\lang2057\langfe1033\langnp2057\insrsid10779941\charrsid8352044 on behalf of}{\lang2057\langfe1033\langnp2057\insrsid15794964\charrsid8352044  the Defendant. }{
\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044 I therefore }{\lang2057\langfe1033\langnp2057\insrsid10779941\charrsid8352044 did not see any justification to postpone this action which had been initiated in 2001.}{
\lang2057\langfe1033\langnp2057\insrsid8352044  }{\lang2057\langfe1033\langnp2057\insrsid10779941\charrsid8352044 Subsequent to recording the reasons in the case record, I ordered the Plaint}{\lang2057\langfe1033\langnp2057\insrsid5325538\charrsid8352044 
iff to continue with the}{\lang2057\langfe1033\langnp2057\insrsid10779941\charrsid8352044  trial, in the absence of the defendant}{\lang2057\langfe1033\langnp2057\insrsid2230260\charrsid8352044 s}{
\lang2057\langfe1033\langnp2057\insrsid10779941\charrsid8352044  or }{\lang2057\langfe1033\langnp2057\insrsid2230260\charrsid8352044 their }{\lang2057\langfe1033\langnp2057\insrsid10779941\charrsid8352044 counsel.}{
\lang2057\langfe1033\langnp2057\insrsid8352044  }{\lang2057\langfe1033\langnp2057\insrsid12413591\charrsid8352044 Needless to state that even in the absence of the Defendants or their counsel}{
\lang2057\langfe1033\langnp2057\insrsid1931733\charrsid8352044 , the Plaintiff must prove its case}{\lang2057\langfe1033\langnp2057\insrsid12197503\charrsid8352044  on a balance of probabilit}{
\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044 y.}{\lang2057\langfe1033\langnp2057\insrsid12413591\charrsid8352044  }{\lang2057\langfe1033\langnp2057\insrsid1931733\charrsid8352044 
\par }\pard \ql \li0\ri0\nowidctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8352044 {\lang2057\langfe1033\langnp2057\insrsid5325538\charrsid8352044 
\par {\listtext\pard\plain\lang2057\langfe1033\langnp2057\insrsid8273989\charrsid8352044 \hich\af0\dbch\af0\loch\f0 [7]\tab}}\pard \ql \li0\ri0\nowidctlpar\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin0\itap0\pararsid8352044 {
\lang2057\langfe1033\langnp2057\insrsid8273989\charrsid8352044 The Plaintiff led the evidence of }{\lang2057\langfe1033\langnp2057\insrsid9059553\charrsid8352044 Mustahib Hafiz Ali, the Senior Business }{
\lang2057\langfe1033\langnp2057\insrsid2230260\charrsid8352044 M}{\lang2057\langfe1033\langnp2057\insrsid9059553\charrsid8352044 anager of the Plaintiff}{\lang2057\langfe1033\langnp2057\insrsid8352044 '}{
\lang2057\langfe1033\langnp2057\insrsid2230260\charrsid8352044 s}{\lang2057\langfe1033\langnp2057\insrsid9059553\charrsid8352044  Bank }{\lang2057\langfe1033\langnp2057\insrsid8273989\charrsid8352044 and }{
\lang2057\langfe1033\langnp2057\insrsid949979\charrsid8352044 produced and }{\lang2057\langfe1033\langnp2057\insrsid8273989\charrsid8352044 marked in evidence 2 }{\lang2057\langfe1033\langnp2057\insrsid2230260\charrsid8352044 bundles}{
\lang2057\langfe1033\langnp2057\insrsid8273989\charrsid8352044  of Documents as Volume 1 and 2. }{\lang2057\langfe1033\langnp2057\insrsid11738819\charrsid8352044 Volume 1 consists}{\lang2057\langfe1033\langnp2057\insrsid8273989\charrsid8352044  of docum}{
\lang2057\langfe1033\langnp2057\insrsid11738819\charrsid8352044 ents 1 to 124 and V}{\lang2057\langfe1033\langnp2057\insrsid8273989\charrsid8352044 olume 2 }{\lang2057\langfe1033\langnp2057\insrsid11738819\charrsid8352044 consists}{
\lang2057\langfe1033\langnp2057\insrsid8273989\charrsid8352044  }{\lang2057\langfe1033\langnp2057\insrsid9059553\charrsid8352044 of documents 125 to 2}{\lang2057\langfe1033\langnp2057\insrsid15794964\charrsid8352044 48.}{
\lang2057\langfe1033\langnp2057\insrsid11738819\charrsid8352044  The Plaintiff also produced and marked in evidence Exhibits 1 to 7.}{\lang2057\langfe1033\langnp2057\insrsid5327454\charrsid8352044 
\par }\pard \ql \li0\ri0\nowidctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8352044 {\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044 
\par {\listtext\pard\plain\lang2057\langfe1033\langnp2057\insrsid13637844\charrsid8352044 \hich\af0\dbch\af0\loch\f0 [8]\tab}}\pard \ql \li0\ri0\nowidctlpar\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin0\itap0\pararsid8352044 {
\lang2057\langfe1033\langnp2057\insrsid13637844\charrsid8352044 Since }{\lang2057\langfe1033\langnp2057\insrsid5327454\charrsid8352044 Crown Cork}{\lang2057\langfe1033\langnp2057\insrsid8352044 '}{
\lang2057\langfe1033\langnp2057\insrsid5327454\charrsid8352044 s loan account continued to be in default}{\lang2057\langfe1033\langnp2057\insrsid13637844\charrsid8352044 , }{\lang2057\langfe1033\langnp2057\insrsid5327454\charrsid8352044 the Plaintiff }{
\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044 had }{\lang2057\langfe1033\langnp2057\insrsid5327454\charrsid8352044 appointed a Receiver [Gardiner Whiteside] to manage Crown Cork}{
\lang2057\langfe1033\langnp2057\insrsid2051701\charrsid8352044  on 8th September 1997}{\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044 .}{\lang2057\langfe1033\langnp2057\insrsid5327454\charrsid8352044  [}{
\lang2057\langfe1033\langnp2057\insrsid13637844\charrsid8352044 vide }{\b\lang2057\langfe1033\langnp2057\insrsid5327454\charrsid8352044 ABOD,}{\lang2057\langfe1033\langnp2057\insrsid5327454\charrsid8352044  }{
\b\lang2057\langfe1033\langnp2057\insrsid5327454\charrsid8352044 Documents 140 & 172 Volume 2}{\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044 ]}{\lang2057\langfe1033\langnp2057\insrsid13637844\charrsid8352044 
\par {\listtext\pard\plain\lang2057\langfe1033\langnp2057\insrsid13637844\charrsid8352044 \hich\af0\dbch\af0\loch\f0 [9]\tab}By letter of 17th March 1997, }{\lang2057\langfe1033\langnp2057\insrsid5327454\charrsid8352044 Crown Cork }{
\lang2057\langfe1033\langnp2057\insrsid13637844\charrsid8352044 advised the Plaintiff that the }{\lang2057\langfe1033\langnp2057\insrsid5327454\charrsid8352044 plant and machinery }{\lang2057\langfe1033\langnp2057\insrsid13637844\charrsid8352044 
of its company was }{\lang2057\langfe1033\langnp2057\insrsid5327454\charrsid8352044 badly damaged due to cyclone, wind and water }{\lang2057\langfe1033\langnp2057\insrsid9636642\charrsid8352044 and }{
\lang2057\langfe1033\langnp2057\insrsid2051701\charrsid8352044 that }{\lang2057\langfe1033\langnp2057\insrsid4004912\charrsid8352044 as a result, }{\lang2057\langfe1033\langnp2057\insrsid9532468\charrsid8352044 heavy corrosion }{
\lang2057\langfe1033\langnp2057\insrsid9636642\charrsid8352044 had set in. }{\lang2057\langfe1033\langnp2057\insrsid5327454\charrsid8352044 [}{\b\lang2057\langfe1033\langnp2057\insrsid5327454\charrsid8352044 ABOD,}{
\lang2057\langfe1033\langnp2057\insrsid5327454\charrsid8352044  }{\b\lang2057\langfe1033\langnp2057\insrsid5327454\charrsid8352044 Document 133 Volume 2}{\lang2057\langfe1033\langnp2057\insrsid5327454\charrsid8352044 ]. }{
\lang2057\langfe1033\langnp2057\insrsid9532468\charrsid8352044 Subsequently, }{\lang2057\langfe1033\langnp2057\insrsid9636642\charrsid8352044 the Receivers }{\lang2057\langfe1033\langnp2057\insrsid8140348\charrsid8352044 had }{
\lang2057\langfe1033\langnp2057\insrsid9636642\charrsid8352044 sold }{\lang2057\langfe1033\langnp2057\insrsid9532468\charrsid8352044 the}{\lang2057\langfe1033\langnp2057\insrsid5327454\charrsid8352044  plant and machinery }{
\lang2057\langfe1033\langnp2057\insrsid9532468\charrsid8352044 for }{\lang2057\langfe1033\langnp2057\insrsid5327454\charrsid8352044 $18,000}{\lang2057\langfe1033\langnp2057\insrsid9636642\charrsid8352044  after advertising same. }{
\lang2057\langfe1033\langnp2057\insrsid9532468\charrsid8352044 T}{\lang2057\langfe1033\langnp2057\insrsid5327454\charrsid8352044 he sale }{\lang2057\langfe1033\langnp2057\insrsid9532468\charrsid8352044 proceeds have been }{
\lang2057\langfe1033\langnp2057\insrsid5327454\charrsid8352044 credited to the First Defendant}{\lang2057\langfe1033\langnp2057\insrsid8352044 '}{\lang2057\langfe1033\langnp2057\insrsid5327454\charrsid8352044 s loan account [}{
\b\lang2057\langfe1033\langnp2057\insrsid5327454\charrsid8352044 ABOD,}{\lang2057\langfe1033\langnp2057\insrsid5327454\charrsid8352044  }{\b\lang2057\langfe1033\langnp2057\insrsid5327454\charrsid8352044 Documents 159, 160 & 162 Volume 2}{
\lang2057\langfe1033\langnp2057\insrsid5327454\charrsid8352044 ]. 
\par }\pard \ql \li0\ri0\nowidctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8352044 {\lang2057\langfe1033\langnp2057\insrsid8146851\charrsid8352044 
\par {\listtext\pard\plain\lang2057\langfe1033\langnp2057\insrsid8146851\charrsid8352044 \hich\af0\dbch\af0\loch\f0 [10]\tab}}\pard \ql \li0\ri0\nowidctlpar\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin0\itap0\pararsid8352044 {
\lang2057\langfe1033\langnp2057\insrsid8146851\charrsid8352044 The evidence also reveals that consequent to }{\lang2057\langfe1033\langnp2057\insrsid16459571\charrsid8352044 obtaining a valuation report and }{
\lang2057\langfe1033\langnp2057\insrsid8146851\charrsid8352044 several attempts of advertising }{\lang2057\langfe1033\langnp2057\insrsid16459571\charrsid8352044 for sale, }{\lang2057\langfe1033\langnp2057\insrsid8146851\charrsid8352044 the}{
\lang2057\langfe1033\langnp2057\insrsid16459571\charrsid8352044  leased property that was mortgage}{\lang2057\langfe1033\langnp2057\insrsid8140348\charrsid8352044 d}{\lang2057\langfe1033\langnp2057\insrsid16459571\charrsid8352044  to the}{
\lang2057\langfe1033\langnp2057\insrsid8146851\charrsid8352044  Plaintiff }{\lang2057\langfe1033\langnp2057\insrsid10297176\charrsid8352044 was also }{\lang2057\langfe1033\langnp2057\insrsid16459571\charrsid8352044 sold for $332,500. }{
\lang2057\langfe1033\langnp2057\insrsid8146851\charrsid8352044 [}{\b\lang2057\langfe1033\langnp2057\insrsid8146851\charrsid8352044 ABOD,}{\lang2057\langfe1033\langnp2057\insrsid8146851\charrsid8352044  }{
\b\lang2057\langfe1033\langnp2057\insrsid8146851\charrsid8352044 Documents 188, 189, 193 & 194 Volume 2}{\lang2057\langfe1033\langnp2057\insrsid8146851\charrsid8352044 ]. }{\lang2057\langfe1033\langnp2057\insrsid16459571\charrsid8352044 
\par }\pard\plain \s28\ql \li0\ri0\nowidctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8352044 \f36\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\f0\fs24\lang2057\langfe1033\langnp2057\insrsid16459571\charrsid8352044 
\par {\listtext\pard\plain\lang2057\langfe1033\langnp2057\insrsid10297176\charrsid8352044 \hich\af0\dbch\af0\loch\f0 [11]\tab}}\pard\plain \ql \li0\ri0\nowidctlpar\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin0\itap0\pararsid8352044 
\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\lang2057\langfe1033\langnp2057\insrsid10297176\charrsid8352044 From the sale proceeds of }{\lang2057\langfe1033\langnp2057\insrsid16459571\charrsid8352044 $332,500}{
\lang2057\langfe1033\langnp2057\insrsid10297176\charrsid8352044  of the leased land}{\lang2057\langfe1033\langnp2057\insrsid16459571\charrsid8352044 , the Plaintiff }{\lang2057\langfe1033\langnp2057\insrsid9059553\charrsid8352044 had }{
\lang2057\langfe1033\langnp2057\insrsid14831503\charrsid8352044 settled }{\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044 in full }{\lang2057\langfe1033\langnp2057\insrsid14831503\charrsid8352044 the }{
\lang2057\langfe1033\langnp2057\insrsid16459571\charrsid8352044 First Mortgage (the personal loan of second Defendant) which on 2nd October 2000 stood at $132,650.35 [}{\b\lang2057\langfe1033\langnp2057\insrsid16459571\charrsid8352044 Exhibit 7}{
\lang2057\langfe1033\langnp2057\insrsid16459571\charrsid8352044 ]. The balance sum of $199,977.86 of the sale proceeds have been credited to the First Defendant}{\lang2057\langfe1033\langnp2057\insrsid8352044 '}{
\lang2057\langfe1033\langnp2057\insrsid16459571\charrsid8352044 s loan account}{\lang2057\langfe1033\langnp2057\insrsid15617327\charrsid8352044 . Accordingly}{\lang2057\langfe1033\langnp2057\insrsid9175063\charrsid8352044 ,}{
\lang2057\langfe1033\langnp2057\insrsid15617327\charrsid8352044  as at 30th November 2000, the Defendants owed the }{\lang2057\langfe1033\langnp2057\insrsid9059553\charrsid8352044 Plaintiff a sum of }{
\lang2057\langfe1033\langnp2057\insrsid16459571\charrsid8352044 $257,530.56 [}{\b\lang2057\langfe1033\langnp2057\insrsid16459571\charrsid8352044 Exhibit 4}{\lang2057\langfe1033\langnp2057\insrsid16459571\charrsid8352044 ]}{
\lang2057\langfe1033\langnp2057\insrsid9059553\charrsid8352044  as claimed in this case}{\lang2057\langfe1033\langnp2057\insrsid16459571\charrsid8352044 . }{\lang2057\langfe1033\langnp2057\insrsid10297176\charrsid8352044 
\par }\pard \ql \li0\ri0\nowidctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8352044 {\lang2057\langfe1033\langnp2057\insrsid10297176\charrsid8352044 
\par {\listtext\pard\plain\lang2057\langfe1033\langnp2057\insrsid9059553\charrsid8352044 \hich\af0\dbch\af0\loch\f0 [12]\tab}}\pard \ql \li0\ri0\nowidctlpar\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin0\itap0\pararsid8352044 {
\lang2057\langfe1033\langnp2057\insrsid9059553\charrsid8352044 At the t}{\lang2057\langfe1033\langnp2057\insrsid2051701\charrsid8352044 rial}{\lang2057\langfe1033\langnp2057\insrsid9175063\charrsid8352044 ,}{
\lang2057\langfe1033\langnp2057\insrsid2051701\charrsid8352044  }{\lang2057\langfe1033\langnp2057\insrsid9059553\charrsid8352044 counsel for the }{\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044 Plaintiff informed court that he }{
\lang2057\langfe1033\langnp2057\insrsid9059553\charrsid8352044 would limit its claim to $257,530.56 although the Writ of Summons specifies a figure of $257,663.56. 
\par }\pard \ql \li0\ri0\nowidctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8352044 {\lang2057\langfe1033\langnp2057\insrsid11404423\charrsid8352044 
\par {\listtext\pard\plain\lang2057\langfe1033\langnp2057\insrsid9059553\charrsid8352044 \hich\af0\dbch\af0\loch\f0 [13]\tab}}\pard \ql \li0\ri0\nowidctlpar\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin0\itap0\pararsid8352044 {
\lang2057\langfe1033\langnp2057\insrsid9059553\charrsid8352044 I have considered the evidence before this court and }{\lang2057\langfe1033\langnp2057\insrsid8145062\charrsid8352044 am}{\lang2057\langfe1033\langnp2057\insrsid10297176\charrsid8352044 
 satisfied that the P}{\lang2057\langfe1033\langnp2057\insrsid2051701\charrsid8352044 laintiff had}{\lang2057\langfe1033\langnp2057\insrsid9059553\charrsid8352044  loaned a sum of $150,000 }{\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044 
on 10th May 1979, }{\lang2057\langfe1033\langnp2057\insrsid9059553\charrsid8352044 to the }{\lang2057\langfe1033\langnp2057\insrsid10041910\charrsid8352044 First}{\lang2057\langfe1033\langnp2057\insrsid9059553\charrsid8352044  Defendant}{
\lang2057\langfe1033\langnp2057\insrsid8352044 '}{\lang2057\langfe1033\langnp2057\insrsid10041910\charrsid8352044 s}{\lang2057\langfe1033\langnp2057\insrsid9059553\charrsid8352044  }{\lang2057\langfe1033\langnp2057\insrsid10297176\charrsid8352044 Company}
{\lang2057\langfe1033\langnp2057\insrsid9175063\charrsid8352044  on the securities of the S}{\lang2057\langfe1033\langnp2057\insrsid9059553\charrsid8352044 econd and }{\lang2057\langfe1033\langnp2057\insrsid9175063\charrsid8352044 T}{
\lang2057\langfe1033\langnp2057\insrsid9059553\charrsid8352044 hird Defendants }{\lang2057\langfe1033\langnp2057\insrsid2051701\charrsid8352044 as }{\lang2057\langfe1033\langnp2057\insrsid9059553\charrsid8352044 stated above. }{
\lang2057\langfe1033\langnp2057\insrsid10297176\charrsid8352044 The Plaintiff has also }{\lang2057\langfe1033\langnp2057\insrsid15931447\charrsid8352044 served }{\lang2057\langfe1033\langnp2057\insrsid10297176\charrsid8352044 demand}{
\lang2057\langfe1033\langnp2057\insrsid15931447\charrsid8352044 s on the}{\lang2057\langfe1033\langnp2057\insrsid11404423\charrsid8352044  Defendants as required by the guarantees. The }{\lang2057\langfe1033\langnp2057\insrsid15931447\charrsid8352044 
Demand Notices }{\lang2057\langfe1033\langnp2057\insrsid11404423\charrsid8352044 were }{\lang2057\langfe1033\langnp2057\insrsid15931447\charrsid8352044 produced before this court }{\lang2057\langfe1033\langnp2057\insrsid11404423\charrsid8352044 marked as}
{\lang2057\langfe1033\langnp2057\insrsid15931447\charrsid8352044  (}{\b\lang2057\langfe1033\langnp2057\insrsid15931447\charrsid8352044 ABOD)}{\lang2057\langfe1033\langnp2057\insrsid15931447\charrsid8352044  }{
\b\lang2057\langfe1033\langnp2057\insrsid15931447\charrsid8352044 Documents 184,185,237, 238, 239 & 240 }{\b\lang2057\langfe1033\langnp2057\insrsid14831503\charrsid8352044 of }{\b\lang2057\langfe1033\langnp2057\insrsid15931447\charrsid8352044 Volume 2}{
\lang2057\langfe1033\langnp2057\insrsid15931447\charrsid8352044 .}{\lang2057\langfe1033\langnp2057\insrsid3491967\charrsid8352044 
\par }\pard \ql \li0\ri0\nowidctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8352044 {\lang2057\langfe1033\langnp2057\insrsid15931447\charrsid8352044 
\par {\listtext\pard\plain\lang2057\langfe1033\langnp2057\insrsid15931447\charrsid8352044 \hich\af0\dbch\af0\loch\f0 [14]\tab}}\pard \ql \li0\ri0\nowidctlpar\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin0\itap0\pararsid8352044 {
\lang2057\langfe1033\langnp2057\insrsid15931447\charrsid8352044 I am also satisfied tha}{\lang2057\langfe1033\langnp2057\insrsid4807998\charrsid8352044 t}{\lang2057\langfe1033\langnp2057\insrsid15931447\charrsid8352044  the account balance of the }{
\lang2057\langfe1033\langnp2057\insrsid8140348\charrsid8352044 First }{\lang2057\langfe1033\langnp2057\insrsid4807998\charrsid8352044 Defendant}{\lang2057\langfe1033\langnp2057\insrsid15931447\charrsid8352044  as at 31/03/1999 stood at $448,235.24 and }{
\lang2057\langfe1033\langnp2057\insrsid8145062\charrsid8352044 after apportioning the sale }{\lang2057\langfe1033\langnp2057\insrsid8140348\charrsid8352044 proceeds }{\lang2057\langfe1033\langnp2057\insrsid8145062\charrsid8352044 of }{
\lang2057\langfe1033\langnp2057\insrsid8140348\charrsid8352044 Plant & Machinery, }{\lang2057\langfe1033\langnp2057\insrsid8145062\charrsid8352044 leased land and the insurance recoveries}{\lang2057\langfe1033\langnp2057\insrsid14831503\charrsid8352044 ,}
{\lang2057\langfe1033\langnp2057\insrsid8145062\charrsid8352044  the debt }{\lang2057\langfe1033\langnp2057\insrsid15931447\charrsid8352044 as at 31st December 2000}{\lang2057\langfe1033\langnp2057\insrsid8145062\charrsid8352044  stood at }{
\lang2057\langfe1033\langnp2057\insrsid15931447\charrsid8352044 $257,663.56.
\par }\pard \ql \li0\ri0\nowidctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8352044 {\lang2057\langfe1033\langnp2057\insrsid12413591\charrsid8352044 
\par {\listtext\pard\plain\lang2057\langfe1033\langnp2057\insrsid12413591\charrsid8352044 \hich\af0\dbch\af0\loch\f0 [15]\tab}}\pard \ql \li0\ri0\nowidctlpar\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin0\itap0\pararsid8352044 {
\lang2057\langfe1033\langnp2057\insrsid12413591\charrsid8352044 Let me }{\lang2057\langfe1033\langnp2057\insrsid9175063\charrsid8352044 now}{\lang2057\langfe1033\langnp2057\insrsid12413591\charrsid8352044  
consider the defences raised by the Defendants in the Statement of Defence. The main defenses are that:}{\lang2057\langfe1033\langnp2057\insrsid12413591 
\par }\pard \ql \li720\ri0\nowidctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8352044 {\lang2057\langfe1033\langnp2057\insrsid8352044\charrsid8352044 
\par {\listtext\pard\plain\lang2057\langfe1033\langnp2057\insrsid12413591\charrsid8352044 \hich\af0\dbch\af0\loch\f0 (i)\tab}}\pard \ql \li720\ri0\nowidctlpar\aspalpha\aspnum\faauto\ls5\adjustright\rin0\lin720\itap0\pararsid8352044 {
\lang2057\langfe1033\langnp2057\insrsid12413591\charrsid8352044 the guarantees have not been signed by the Defendants;
\par {\listtext\pard\plain\lang2057\langfe1033\langnp2057\insrsid12413591\charrsid8352044 \hich\af0\dbch\af0\loch\f0 (ii)\tab}the demand notices were not served on the Defendants;}{\lang2057\langfe1033\langnp2057\insrsid2051701\charrsid8352044  and }{
\lang2057\langfe1033\langnp2057\insrsid12413591\charrsid8352044 
\par {\listtext\pard\plain\lang2057\langfe1033\langnp2057\insrsid12413591\charrsid8352044 \hich\af0\dbch\af0\loch\f0 (iii)\tab}the property, plant and machinery were sold at undervalued prices;
\par }\pard \ql \li0\ri0\nowidctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8352044 {\lang2057\langfe1033\langnp2057\insrsid15167372\charrsid8352044 
\par {\listtext\pard\plain\lang2057\langfe1033\langnp2057\insrsid2051701\charrsid8352044 \hich\af0\dbch\af0\loch\f0 [16]\tab}}\pard \ql \li0\ri0\nowidctlpar\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin0\itap0\pararsid8352044 {
\lang2057\langfe1033\langnp2057\insrsid2051701\charrsid8352044 A consideration of the p}{\lang2057\langfe1033\langnp2057\insrsid12413591\charrsid8352044 re}{\lang2057\langfe1033\langnp2057\insrsid14831503\charrsid8352044 -t}{
\lang2057\langfe1033\langnp2057\insrsid12413591\charrsid8352044 rial minutes reveals that the Second and Third Defendants had admitted at the }{\lang2057\langfe1033\langnp2057\insrsid2051701\charrsid8352044 p}{
\lang2057\langfe1033\langnp2057\insrsid12413591\charrsid8352044 re-}{\lang2057\langfe1033\langnp2057\insrsid14831503\charrsid8352044 t}{\lang2057\langfe1033\langnp2057\insrsid12413591\charrsid8352044 rial }{
\lang2057\langfe1033\langnp2057\insrsid2051701\charrsid8352044 c}{\lang2057\langfe1033\langnp2057\insrsid12413591\charrsid8352044 onference that they had signed the Guarantees. Copies of the Guarantees were produced in evidence. The }{
\lang2057\langfe1033\langnp2057\insrsid10041910\charrsid8352044 defence}{\lang2057\langfe1033\langnp2057\insrsid12413591\charrsid8352044  that no demand notices had been served was also refuted by the Plaintiff in its evidence. }{
\lang2057\langfe1033\langnp2057\insrsid14831503\charrsid8352044 Documents (}{\b\lang2057\langfe1033\langnp2057\insrsid14831503\charrsid8352044 ABOD)}{\lang2057\langfe1033\langnp2057\insrsid14831503\charrsid8352044  }{
\b\lang2057\langfe1033\langnp2057\insrsid14831503\charrsid8352044 Documents 184,185,237, 238, 239 & 240 of Volume 2 }{\lang2057\langfe1033\langnp2057\insrsid14831503\charrsid8352044 w}{\lang2057\langfe1033\langnp2057\insrsid8140348\charrsid8352044 ere}{
\lang2057\langfe1033\langnp2057\insrsid14831503\charrsid8352044  produced by the Plaintiff to prove demand was made}{\b\lang2057\langfe1033\langnp2057\insrsid14831503\charrsid8352044 .}{\lang2057\langfe1033\langnp2057\insrsid14831503\charrsid8352044  L}{
\lang2057\langfe1033\langnp2057\insrsid12413591\charrsid8352044 etter of 9th December 1992}{\lang2057\langfe1033\langnp2057\insrsid14831503\charrsid8352044  sent by the 1st Defendant clearly admit}{
\lang2057\langfe1033\langnp2057\insrsid2051701\charrsid8352044 ted }{\lang2057\langfe1033\langnp2057\insrsid14831503\charrsid8352044 the debt.}{\lang2057\langfe1033\langnp2057\insrsid12413591\charrsid8352044  [}{
\b\lang2057\langfe1033\langnp2057\insrsid12413591\charrsid8352044 ABOD,}{\lang2057\langfe1033\langnp2057\insrsid12413591\charrsid8352044  }{\b\lang2057\langfe1033\langnp2057\insrsid12413591\charrsid8352044 Document 89 Volume 1}{
\lang2057\langfe1033\langnp2057\insrsid12413591\charrsid8352044 ]. The Submissions that the properties, plant and machinery were sold at undervalued prices was also refuted by evidence}{\lang2057\langfe1033\langnp2057\insrsid9175063\charrsid8352044 ,}{
\lang2057\langfe1033\langnp2057\insrsid12413591\charrsid8352044  in that the Defendants had themselves admitted that the plant and machinery had been rusted and damaged due to flood}{\lang2057\langfe1033\langnp2057\insrsid2051701\charrsid8352044 s.}{
\lang2057\langfe1033\langnp2057\insrsid12413591\charrsid8352044  The plant and machinery }{\lang2057\langfe1033\langnp2057\insrsid8548765\charrsid8352044 had been}{\lang2057\langfe1033\langnp2057\insrsid12413591\charrsid8352044 
 duly advertised and then sold for $18,000.00. }{\lang2057\langfe1033\langnp2057\insrsid8548765\charrsid8352044 I am also unable to accept that the property that was sold for $332,500 is grossly undervalued}{
\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044 .}{\lang2057\langfe1033\langnp2057\insrsid8548765\charrsid8352044  }{\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044 
Mr Ali in his evidence said that a Valuation of the property was obtained from Rolle [}{\b\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044 ABOD,}{\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044  }{
\b\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044 Document 197 Volume 2}{\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044 
] who valued the property at $365,000. However the Plaintiff then accepted an offer to sell the mortgaged property for $332,500.00 [}{\b\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044 ABOD,}{
\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044  }{\b\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044 Documents 209 & 210 Volume 2}{\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044 
]. Mr Ali in his evidence informed court that the sale was carried out with much difficulty after advertising on several occasions at great expense to the Plaintiff, and the property needed substantial repairs and had many probl
ems. He also informed that the Defendants did not take any action to prevent the sale of the land although it was advertised several times. 
\par }\pard \ql \li0\ri0\nowidctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8352044 {\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044 
\par {\listtext\pard\plain\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044 \hich\af0\dbch\af0\loch\f0 [17]\tab}}\pard \ql \li0\ri0\nowidctlpar\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin0\itap0\pararsid8352044 {
\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044 I accept Mr Ali}{\lang2057\langfe1033\langnp2057\insrsid8352044 '}{\lang2057\langfe1033\langnp2057\insrsid4213460\charrsid8352044 s evidence that }{
\lang2057\langfe1033\langnp2057\insrsid10041910\charrsid8352044 the D}{\lang2057\langfe1033\langnp2057\insrsid12413591\charrsid8352044 efendant}{\lang2057\langfe1033\langnp2057\insrsid10041910\charrsid8352044 s}{
\lang2057\langfe1033\langnp2057\insrsid12413591\charrsid8352044  could have sought legal remedy before the sale}{\lang2057\langfe1033\langnp2057\insrsid8140348\charrsid8352044 ,}{\lang2057\langfe1033\langnp2057\insrsid12413591\charrsid8352044 
 had they in fact}{\lang2057\langfe1033\langnp2057\insrsid2051701\charrsid8352044 ,}{\lang2057\langfe1033\langnp2057\insrsid12413591\charrsid8352044  truly believed that the properties were sold }{
\lang2057\langfe1033\langnp2057\insrsid8548765\charrsid8352044 far }{\lang2057\langfe1033\langnp2057\insrsid12413591\charrsid8352044 below }{\lang2057\langfe1033\langnp2057\insrsid8548765\charrsid8352044 the }{
\lang2057\langfe1033\langnp2057\insrsid12413591\charrsid8352044 market value.}{\lang2057\langfe1033\langnp2057\insrsid8352044  }{\lang2057\langfe1033\langnp2057\insrsid8548765\charrsid8352044 I therefore hold that the defences stated in the statement of }
{\lang2057\langfe1033\langnp2057\insrsid9175063\charrsid8352044 Defence have}{\lang2057\langfe1033\langnp2057\insrsid8548765\charrsid8352044  no basis. }{\lang2057\langfe1033\langnp2057\insrsid12413591\charrsid8352044 
\par }\pard \ql \li720\ri0\nowidctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8352044 {\lang2057\langfe1033\langnp2057\insrsid8548765\charrsid8352044 
\par }\pard \ql \li0\ri0\nowidctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8352044 {\b\lang2057\langfe1033\langnp2057\insrsid8548765\charrsid8352044 INTEREST }{\b\lang2057\langfe1033\langnp2057\insrsid12413591\charrsid8352044 
\par }{\b\lang2057\langfe1033\langnp2057\insrsid13382294\charrsid8352044 
\par {\listtext\pard\plain\lang2057\langfe1033\langnp2057\insrsid8352044 \hich\af0\dbch\af0\loch\f0 [18]\tab}}\pard \ql \li0\ri0\nowidctlpar\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin0\itap0\pararsid8352044 {\lang2057\langfe1033\langnp2057\insrsid8352044 
 }{\lang2057\langfe1033\langnp2057\insrsid7561057\charrsid8352044 The Sum loaned to the }{\lang2057\langfe1033\langnp2057\insrsid8140348\charrsid8352044 First}{\lang2057\langfe1033\langnp2057\insrsid7561057\charrsid8352044  Defendant was $150,000.}{
\lang2057\langfe1033\langnp2057\insrsid8352044  }{\lang2057\langfe1033\langnp2057\insrsid7561057\charrsid8352044 Exhibit 4 reve}{\lang2057\langfe1033\langnp2057\insrsid2051701\charrsid8352044 a}{
\lang2057\langfe1033\langnp2057\insrsid7561057\charrsid8352044 ls that opening balance as at 30th December 1999 was $439159.86. }{\lang2057\langfe1033\langnp2057\insrsid8548765\charrsid8352044 At the trial}{
\lang2057\langfe1033\langnp2057\insrsid2051701\charrsid8352044 ,}{\lang2057\langfe1033\langnp2057\insrsid8548765\charrsid8352044  Mr Sharma who appeared for the Plaintiff}{\lang2057\langfe1033\langnp2057\insrsid2051701\charrsid8352044 ,}{
\lang2057\langfe1033\langnp2057\insrsid8548765\charrsid8352044  informed court that the interest was frozen from}{\lang2057\langfe1033\langnp2057\insrsid16478963\charrsid8352044  1997}{\lang2057\langfe1033\langnp2057\insrsid8548765\charrsid8352044 .}{
\lang2057\langfe1033\langnp2057\insrsid9849505\charrsid8352044  I then asked the question whether}{\lang2057\langfe1033\langnp2057\insrsid8140348\charrsid8352044 ,}{\lang2057\langfe1033\langnp2057\insrsid9849505\charrsid8352044  }{
\lang2057\langfe1033\langnp2057\insrsid15167372\charrsid8352044 before the interest was frozen, }{\lang2057\langfe1033\langnp2057\insrsid9849505\charrsid8352044 the Plaintiff was entitled to claim an interest in excess of the principal sum }{
\lang2057\langfe1033\langnp2057\insrsid15235773\charrsid8352044 lent }{\lang2057\langfe1033\langnp2057\insrsid1200651\charrsid8352044 i}{\lang2057\langfe1033\langnp2057\insrsid7745416\charrsid8352044 n view of the legal limi}{
\lang2057\langfe1033\langnp2057\insrsid7561057\charrsid8352044 tation stipulated in t}{\lang2057\langfe1033\langnp2057\insrsid7745416\charrsid8352044 he }{\lang2057\langfe1033\langnp2057\insrsid9849505\charrsid8352044 Moneylenders Act Chapter 234}{
\lang2057\langfe1033\langnp2057\insrsid4280453\charrsid8352044 . }{\lang2057\langfe1033\langnp2057\insrsid8585803\charrsid8352044 Mr }{\lang2057\langfe1033\langnp2057\insrsid7561057\charrsid8352044 Sharma filed}{
\lang2057\langfe1033\langnp2057\insrsid6056091\charrsid8352044  helpful written submissions on the point. }{\lang2057\langfe1033\langnp2057\insrsid15547537\charrsid8352044 
\par }\pard\plain \s28\ql \li0\ri0\nowidctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8352044 \f36\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\f0\fs24\lang2057\langfe1033\langnp2057\insrsid15547537\charrsid8352044 
\par {\listtext\pard\plain\lang2057\langfe1033\langnp2057\insrsid4280453\charrsid8352044 \hich\af0\dbch\af0\loch\f0 [19]\tab}}\pard\plain \ql \li0\ri0\nowidctlpar\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin0\itap0\pararsid8352044 
\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\lang2057\langfe1033\langnp2057\insrsid4280453\charrsid8352044 Section 22 [4] of the Moneylenders Act }{\lang2057\langfe1033\langnp2057\insrsid2714046\charrsid8352044 (Act) }{
\lang2057\langfe1033\langnp2057\insrsid4280453\charrsid8352044 states as follows:
\par }\pard\plain \s28\ql \li0\ri0\nowidctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8352044 \f36\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {
\b\f0\fs24\lang2057\langfe5129\langnp2057\langfenp5129\insrsid2714046\charrsid8352044 In no case shall interest at any time be recoverable by a moneylender of an amount}{
\b\f0\fs24\lang2057\langfe5129\langnp2057\langfenp5129\insrsid8140348\charrsid8352044  in excess of the sum tha}{\b\f0\fs24\lang2057\langfe5129\langnp2057\langfenp5129\insrsid2714046\charrsid8352044 
n due as principal unless a court, having regard to all circumstances, otherwise decrees}{\f0\fs24\lang2057\langfe5129\langnp2057\langfenp5129\insrsid2714046\charrsid8352044 .
\par }{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid2714046\charrsid8352044 
\par {\listtext\pard\plain\lang2057\langfe1033\langnp2057\insrsid12405815\charrsid8352044 \hich\af0\dbch\af0\loch\f0 [20]\tab}}\pard\plain \ql \li0\ri0\nowidctlpar\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin0\itap0\pararsid8352044 
\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\lang2057\langfe1033\langnp2057\insrsid12405815\charrsid8352044 However}{\lang2057\langfe1033\langnp2057\insrsid9175063\charrsid8352044 ,}{
\lang2057\langfe1033\langnp2057\insrsid12405815\charrsid8352044  the definition of moneylender in section 2 (a) }{\lang2057\langfe1033\langnp2057\insrsid2714046\charrsid8352044 of the Act, }{\lang2057\langfe1033\langnp2057\insrsid12405815\charrsid8352044 
excludes }{\lang2057\langfe1033\langnp2057\insrsid2714046\charrsid8352044 the a}{\lang2057\langfe1033\langnp2057\insrsid7561057\charrsid8352044 pplication of Moneylenders Act to}{\lang2057\langfe1033\langnp2057\insrsid2714046\charrsid8352044  }{
\lang2057\langfe1033\langnp2057\insrsid5325538\charrsid8352044 Body }{\lang2057\langfe1033\langnp2057\insrsid2714046\charrsid8352044 Corporate}{\lang2057\langfe1033\langnp2057\insrsid5325538\charrsid8352044  }{
\lang2057\langfe1033\langnp2057\insrsid2714046\charrsid8352044 engaged in the business of lending money. Mr Shrama therefore submits that 
Section 22(4) does not apply to the Plaintiff and the Plaintiff is thus entitled to recover whatever monies that are owed to it pursuant to its Loan Agreement and other lending documents. The Plaintiff and the First Defendant in this case 
entered into a Loan Agreement whereby both parties had agreed to the terms and conditions set out therein. }{\lang2057\langfe1033\langnp2057\insrsid7561057\charrsid8352044 (}{\b\lang2057\langfe1033\langnp2057\insrsid7561057\charrsid8352044 ABOD
 Document 242 Volume 2)}{\lang2057\langfe1033\langnp2057\insrsid2714046\charrsid8352044 
\par }\pard \ql \li0\ri0\nowidctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8352044 {\lang2057\langfe1033\langnp2057\insrsid12919265\charrsid8352044 
\par {\listtext\pard\plain\lang2057\langfe1033\langnp2057\insrsid2714046\charrsid8352044 \hich\af0\dbch\af0\loch\f0 [21]\tab}}\pard \ql \li0\ri0\nowidctlpar\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin0\itap0\pararsid8352044 {
\lang2057\langfe1033\langnp2057\insrsid2714046\charrsid8352044 I am inclined to agree with the submissions of Mr Sharma on the }{\lang2057\langfe1033\langnp2057\insrsid1460550\charrsid8352044 poi}{
\lang2057\langfe1033\langnp2057\insrsid15167372\charrsid8352044 nt. I also find the}{\lang2057\langfe1033\langnp2057\insrsid1460550\charrsid8352044  interest}{\lang2057\langfe1033\langnp2057\insrsid15167372\charrsid8352044 
 agreed between the parties in the loan agreement is}{\lang2057\langfe1033\langnp2057\insrsid8140348\charrsid8352044  }{\lang2057\langfe1033\langnp2057\insrsid1460550\charrsid8352044 10.5% pa. I therefore hold that the Plaintiff }{
\lang2057\langfe1033\langnp2057\insrsid15167372\charrsid8352044 being a Body }{\lang2057\langfe1033\langnp2057\insrsid8140348\charrsid8352044 Corporate}{\lang2057\langfe1033\langnp2057\insrsid15167372\charrsid8352044  }{
\lang2057\langfe1033\langnp2057\insrsid1460550\charrsid8352044 can impose interest in excess of the principle amount }{\lang2057\langfe1033\langnp2057\insrsid8140348\charrsid8352044 lent and}{
\lang2057\langfe1033\langnp2057\insrsid15167372\charrsid8352044  in any event}{\lang2057\langfe1033\langnp2057\insrsid14945493\charrsid8352044 ,}{\lang2057\langfe1033\langnp2057\insrsid15167372\charrsid8352044 
 the interest of 10.5% is a reasonable interest.}{\lang2057\langfe1033\langnp2057\insrsid8352044  }{\lang2057\langfe1033\langnp2057\insrsid2714046\charrsid8352044 
\par }\pard\plain \s28\ql \li0\ri0\nowidctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8352044 \f36\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid15167372\charrsid8352044 
\par }{\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12197503\charrsid8352044 COSTS}{\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5191283 
\par }{\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8352044\charrsid8352044 
\par {\listtext\pard\plain\lang2057\langfe1033\langnp2057\insrsid1460550\charrsid8352044 \hich\af0\dbch\af0\loch\f0 [22]\tab}}\pard\plain \ql \li0\ri0\nowidctlpar\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin0\itap0\pararsid8352044 
\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\lang2057\langfe1033\langnp2057\insrsid1460550\charrsid8352044 The Plaintiff}{\lang2057\langfe1033\langnp2057\insrsid8352044 '}{\lang2057\langfe1033\langnp2057\insrsid1460550\charrsid8352044 
s Counsel did not seek costs on an indemnity basis but }{\lang2057\langfe1033\langnp2057\insrsid15167372\charrsid8352044 moves for costs }{\lang2057\langfe1033\langnp2057\insrsid1460550\charrsid8352044 of $1,800 as being reasonable costs. }{
\lang2057\langfe1033\langnp2057\insrsid12197503\charrsid8352044 I summarily assess costs at $1800. }{\lang2057\langfe1033\langnp2057\insrsid12919265\charrsid8352044 
\par }\pard \ql \li0\ri0\nowidctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8352044 {\b\lang2057\langfe1033\langnp2057\insrsid12919265\charrsid8352044 
\par }{\b\lang2057\langfe1033\langnp2057\insrsid1460550\charrsid8352044 ORDERS}{\b\lang2057\langfe1033\langnp2057\insrsid14945493 
\par }{\b\lang2057\langfe1033\langnp2057\insrsid8352044\charrsid8352044 
\par {\listtext\pard\plain\lang2057\langfe1033\langnp2057\insrsid1460550\charrsid8352044 \hich\af0\dbch\af0\loch\f0 [23]\tab}}\pard \ql \fi-567\li567\ri0\nowidctlpar\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin567\itap0\pararsid8352044 {
\lang2057\langfe1033\langnp2057\insrsid1460550\charrsid8352044 I therefore O}{\lang2057\langfe1033\langnp2057\insrsid8352044 rder as follows.}{\lang2057\langfe1033\langnp2057\insrsid1460550 
\par }\pard \ql \li567\ri0\nowidctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin567\itap0\pararsid8352044 {\lang2057\langfe1033\langnp2057\insrsid8352044\charrsid8352044 
\par {\listtext\pard\plain\lang2057\langfe1033\langnp2057\insrsid1460550\charrsid8352044 \hich\af0\dbch\af0\loch\f0 (A)\tab}}\pard \ql \li567\ri0\nowidctlpar\aspalpha\aspnum\faauto\ls6\adjustright\rin0\lin567\itap0\pararsid8352044 {
\lang2057\langfe1033\langnp2057\insrsid1460550\charrsid8352044 Judgment is entered in favour of the Plaintiff in the }{\lang2057\langfe1033\langnp2057\insrsid2714046\charrsid8352044 sum of $257,530.66}{
\lang2057\langfe1033\langnp2057\insrsid3215230\charrsid8352044  against the First and S}{\lang2057\langfe1033\langnp2057\insrsid1460550\charrsid8352044 econd Defendants}{\lang2057\langfe1033\langnp2057\insrsid12197503\charrsid8352044  }{
\lang2057\langfe1033\langnp2057\insrsid1460550\charrsid8352044 a}{\lang2057\langfe1033\langnp2057\insrsid2714046\charrsid8352044 nd $150,000 against the Third Defendant}{\lang2057\langfe1033\langnp2057\insrsid12197503\charrsid8352044 .}{
\lang2057\langfe1033\langnp2057\insrsid2714046 
\par }\pard \ql \li567\ri0\nowidctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin567\itap0\pararsid8352044 {\lang2057\langfe1033\langnp2057\insrsid8352044\charrsid8352044 
\par {\listtext\pard\plain\lang2057\langfe1033\langnp2057\insrsid5180556\charrsid8352044 \hich\af0\dbch\af0\loch\f0 (B)\tab}}\pard \ql \li567\ri0\nowidctlpar\aspalpha\aspnum\faauto\ls6\adjustright\rin0\lin567\itap0\pararsid8352044 {
\lang2057\langfe1033\langnp2057\insrsid5180556\charrsid8352044 The Defendant}{\lang2057\langfe1033\langnp2057\insrsid1995167\charrsid8352044 s shall pay the Plaintiff}{\lang2057\langfe1033\langnp2057\insrsid8352044 '}{
\lang2057\langfe1033\langnp2057\insrsid1995167\charrsid8352044 s cost of $1800 within 21days hereof. }{\lang2057\langfe1033\langnp2057\insrsid12919265\charrsid8352044 
\par }\pard \ql \li0\ri0\nowidctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8352044 {\b\lang2057\langfe1033\langnp2057\insrsid8352044 
\par }{\b\lang2057\langfe1033\langnp2057\insrsid1180074\charrsid8352044 Ms}{\b\lang2057\langfe1033\langnp2057\insrsid11812701\charrsid8352044 .}{\b\lang2057\langfe1033\langnp2057\insrsid1180074\charrsid8352044  D. Dias Wickramasinghe}{
\b\lang2057\langfe1033\langnp2057\insrsid12919265\charrsid8352044 
\par }{\b\lang2057\langfe1033\langnp2057\insrsid12127772\charrsid8352044 Judge}{\b\lang2057\langfe1033\langnp2057\insrsid10561600\charrsid8352044 
\par }}