PROF. KOTEY, JSC:-
This is an appeal against the judgment of the Court of Appeal substantially affirming the decision of the trial High Court, but reversing it in one small respect.
The background to the controversy is that in the early 1990s, following negotiations between the Plaintiff/Appellant/Appellant(Plaintiff), the Defendant/Respondent/Respondent (Defendant) and the European Investment Bank (EIB), a number of transactions were entered into for the financing of a project to expand the factory and operations of the Defendant.
1. These agreements included a loan agreement between EIB and the Plaintiff, dated 30th January 1992 and 7th February 1992 (Exhibit ‘1’), by which EIB lent to the Plaintiff, One hundred and sixty-five thousand Ecus (165,00.00 Ecus) which was to be on-lent by the Plaintiff to the Defendant.
2. A second loan agreement was entered into by the Plaintiff and the Defendant, dated 11th March 1992 (Exhibit ‘A’), by which the Plaintif…