Judgment MAPENA INVESTMENT and another v Development Bank and AG 08
The court found that the 1st defendant breached the credit facility agreement by unlawfully charging interest and penalties before the expiry of the grace period and miscalculating the outstanding debt. The defendants failed to substantiate the lawfulness of their calculations or justify recovery measures. The court held that the plaintiffs were entitled to compensation for loss of profit, but only to the extent proven by the evidence.
Source excerpt
- Loan agreements
- Breach of contract
- Damages
- Miscalculation of debt
- Secured transactions