[1] This is an appeal by the appellants against the decision of the Court of Appeal on the 16 November 2010, in allowing the respondent's appeal against the High Court decision. Leave to appeal was granted by this Court on 2 November 2011 and the questions of law framed for determination in this appeal are:

Question 1

Whether an inference based on policy can properly be drawn to hold a customer liable for an admittedly unauthorised share transaction, because he did not immediately lodge a complaint with the firm of stock-brokers;

Question 2

Whether estoppel can properly be applied to create liability, on the ground it was not immediately notified, for a transaction that is admittedly unauthorised although no inducement, reliance or alteration of position by the delay is shown;

Question 3

Whether a customer can properly be held liable on his indemnity for losses alleged to have resulted from a transaction, although the loss claimed has not been proved. The appellants are the defendants and the respondent is the plaintiff. For convenience, parties will be referred to as the plaintiff and defendants as in the trial Court.

Background Facts

[2] The facts which form the background of this appeal