Lloyd's Law Reports

Professor Robert Merkin KC; Dr Johanna Hjalmarsson

Document

OZALID GROUP (EXPORT) LTD. v. AFRICAN CONTINENTAL BANK LTD.

[1979] 2 Lloyd's Rep. 231

QUEEN'S BENCH DIVISION(COMMERCIAL COURT)

Before Mr. Justice Donaldson

Banking - Letter of credit - Delay in payment - Foreign currency - Plaintiff suffered loss in obtaining payment - Whether loss recoverable - Currency of contract U.S. dollars - Whether plaintiff could claim loss in sterling - Rate of exchange applicable.

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