4 Jun 2010
SILVER GEM INDUSTRIAL LTD v. NATIONAL PHARMACEUTICAL CO LTD
- Citation
- SILVER GEM INDUSTRIAL LTD v. NATIONAL PHARMACEUTICAL CO LTD
- Court
- District Court
- Case number
- DCCJ858/2009
The court held the claims were time-barred under s4 Cap.347: the causes of action accrued on the dates of the advances (or last repayments) and more than six years elapsed before writ; the 4 July 2007 audit confirmation did not constitute an unequivocal written acknowledgment under s23(3) and s24(1) because it evidenced dispute and equivocation; documentary evidence did not support a contractual rate of 12% for NPGL and on balance NPGL did not owe interest. Accordingly both actions were dismissed.