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| Friday, 25 July 2003 |
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Proprietor of Soul Entertainments C. Kiran Atapattu has sued the Hatton National Bank to recover a sum of Rs. 250,000 and damages Rs. 4,000,000 claiming that the Bank had failed and neglected to obtain the insurance policy cover as undertaken in terms of the Lease Agreement. Atapattu through his lawyers, K.P. Law Associates stated that on September 13, 1995 contracted with Apogee Sound Incorporated USA to purchase a set of sound equipment to the value of US $42,356. Later he had applied for a loan from the defendant bank on September 19, 1995 to import the goods, sound equipment from Apogee Sound Incorporated USA. On September 22, 1995 the plaintiff obtained a written confirmation from Apogee Sound Incorporation USA confirming the sale. As Atapattu envisaged to be out of the country during the time the goods could arrive in Sri Lanka, he had instructed the supplier to ship the goods in the name of a friend of his. The goods arrived in Sri Lanka in the name of the consignee on October 22, 1995 on Singapore Airlines. Later the goods were cleared by the consignee and handed over to him on October 25, 1995. The plaintiff commenced using this equipment for his business operations as from November 11, 1995. The defendant was fully aware that the plaintiff was using the equipment belonging to him for his business operation as from November 11, 1995. However, it was revealed only on the June 26, 2000 that the Defendant has wrongfully and unlawfully and in breach of the Defendant's obligation under the Lease Agreement, failed and neglected to insure the property. In the circumstances Atapattu has filed this action for relief. |
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