In this suit the plaintiff, Development and Commercial Bank Limited, New Hebrides (In Liquidation), a company incorporated in the New Hebrides (now known as Vanuatu) was at all material times, until it was ordered to be wound up by the New Hebrides High Court on April 30, 1976, (exhibit P8) carrying on the business of a bank. The suit was therefore presented by the plaintiff in 1981 through the Official Receiver of Vanuatu as the liquidator of the plaintiff (exhibit P9) to claim repayment of loans of US$25,000 and US$100,000, alternatively the equivalent thereof in ringgit, from the defendant, New Kok Ann Realty Sdn. Bhd.

It was averred in paragraphs 3 and 4 of the amended statement of claim that by a cheque (which has been duly honoured) dated June 23, 1975, and drawn by the plaintiff on Peninsula National Bank of Burlingame, U.S.A., (P.N.B.), the plaintiff advanced by way of loan to the defendant the sum of US$25,000/-. By a cheque (which has also been duly honoured), dated August 18, 1975, and likewise drawn by the plaintiff on the said Peninsula National Bank, the plaintiff advanced to the defendant by way of loan the further sum of US$100,000/-.

In paragraph 7