THE matter which was filed since 7 June 2004 by National Industrial and Commercial Investments Limited against Royal Investments Inc of 19 Water Street, Georgetown, came up for hearing recently before Justice Roxanne George. The Executive Director of the plaintiff, Mr. Winston Brassington, has been in the witness box for four days, and is expected to be cross-examined.
According to the statement of claim, the plaintiff and the defendant entered into a written share purchase agreement whereby the plaintiff agreed to sell and the defendant 70, 000,000 shares in Guyana Stores Limited for the sum of US$6M.   
It was a term of the said agreement that the balance of the purchase price for the shares, namely U$ $2M would be paid by the defendant to the plaintiff on or before 30 September 2002, and it was a term of a Lien Agreement made between the plaintiff and the defendant on 5 October 2000, that the defendant would pay interest on the said sum of the US prime rate prevailing at the time of payment, commencing one year after 30 September, 2000.
The defendant has failed to pay the balance of the purchase price as aforesaid.
Wherefore the plaintiff’s claim against the defendant is for:
(1) The sum of US$2M or the equivalent thereof in Guyana dollars at the National Bank of Industry and Commerce selling rate of exchange on the date of payment, and
(2)    Interest from 1 October 2001 to date of payment at the United States prime rate; at the time of payment on the said sum of US$2M or the equivalent thereof in Guyana dollars at the National Bank of Industry & Commerce selling rate of exchange on the date of payment.
On the other hand, Mr. Winston Brassington, in his affidavit verifying claim had said:
I, Winston Brassington of 126 Barrack Street, Kingston, Georgetown, being duly sworn made oath and say as follows:
1. I am the Executive Director of the plaintiff herein and am duly authorised to make this affidavit on the Plaintiff’s behalf.
2. The matters to which I herein depose are within my personal knowledge.
3. The defendant was at the date of issue of the specially indorsed writ herein and still is justly and truly indebted to the Plaintiff in the sum hereinafter set out.
4. On 4th October, 2000, the plaintiff and the defendant entered into a written share sale and purchase agreement whereby the Plaintiff agreed to sell and the defendant agreed to purchase 70,000,000 (seventy million) shares in Guyana Stores Limited for the sum of US$6,000,000.00 (six million United States dollars).
5. It was a term of the said agreement that the balance of the purchase price for the said shares, namely US$2,000,000.00 (two million United States dollars), would be paid by the Defendant to the Plaintiff on or before 30 September 2002, and it was a term of a written lien agreement made between the plaintiff and the defendant on 5th October, 2000, that the defendant would pay interest on the said sum at the US prime rate prevailing at the time of payment, commencing one year after 30 September 2000.
6. The defendant has failed to pay the balance of the purchase price as aforesaid.
Wherefore the plaintiff’s claim against the defendant is for:
(1) The sum of US$2,000,000.00 (two million United States dollars) or the equivalent thereof in Guyana dollars at the National Bank of Industry & Commerce selling rate of exchange on the date of payment; and
(2) Interest from 1 October 2001 to date of payment at the United States prime rate at the time of payment on the said sum of US$2,000,000.00 (two million United States dollars) or the equivalent thereof in Guyana dollars at the National Bank of Industry & Commerce selling rate of exchange on the date of payment.
7. Demand for payment has been made to no effect.
8. In my belief there is no defence to this action
9. This affidavit was drawn by Josephine Whitehead, Attorney-at-law of and whose address for service is at the office of Cameron & Shepherd, Attorneys-at-law, 2 Avenue of the Republic, Georgetown, and is filed on behalf of the plaintiff.”