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Fiji Development Bank v Cokanasiga [2005] FJHC 601; HBC0071.1997 (11 August 2005)

IN THE HIGH COURT OF FIJI
AT LAUTOKA
CIVIL JURISDICTION

ACTION NO. HBC0071 OF 1997

BETWEEN:

FIJI DEVELOPMENT BANK
PLAINTIFF

AND:

ISIMELI COKANASIGA
DEFENDANT

Ms Y. Fatiaki & Ms H. Tabete for the Plaintiff
Defendant is said to have migrated and has given his Counsel no instructions. Before the hearing Counsel was given leave to withdraw.

Date of Hearing: 11 August 2005
Date of Submission:
Date of Judgment: 11 August 2005

ORAL JUDGMENT OF FINNIGAN J

I have heard the detailed evidence of the Plaintiff’s witness.

I am satisfied by the evidence of the Plaintiff’s witness that it is entitled to judgment as claimed. I am satisfied that there were advances made which initially were quite moderate and that a fishing vessel was purchased over which the Plaintiff took a bill of sale. It subsequently seized the fishing vessel after defaults had been made and because of its condition was able to realize only $700.00 a little under 10% of the initial loan and purchase price.

The Defendant has simply taken no steps at all for many years to confront his debt and his monthly balance has been increasing. At the time this writ was issued in 1997 his debt balance stood at $19,633.13 with interest continuing to accrue at the rate of 8% per annum from 1 February 1997. That interest was accruing in terms of the loan contract. I will enter judgment in those terms and terminate the interest payments at the date of judgment in order to give a final judgment. To award interest on the judgment would in my view be futile.

I have heard Counsel’s submission in respect of costs and accept that $3,000.00 is an adequate assessment for the work done by the Plaintiff and its solicitors. I will fix costs in that amount.

I make the following orders;

1. Judgment for the Plaintiff in terms of its prayer
   
   • (i) $19,633.13 together with interest that has accrued on that amount from 1 February 1997 until the date of judgment 11 August 2005 at 8% per annum simple.
     
2. Costs to the Plaintiff in the sum of $3,000.00.
   

D.D. Finnigan
JUDGE

At Lautoka
11 August 2005