IMBK Pty Ltd v Zheng Tan [2018] NSWSC 1801

IMBK Pty Ltd v Zheng Tan [2018] NSWSC 1801

IMBK proved that the $12,494.90 advance was paid under a transaction that was validly cancelled and for which consideration wholly failed, and proved from the CCTV and associated records that Mr Tan took $237,505.10 from the Eastwood branch without IMBK's authority. Mr Tan failed to prove on the balance of probabilities that IMBK agreed to accept RMB ¥ 3,000,000 in cash in China or that Mr Li received any cash as IMBK's agent. IMBK was therefore entitled to judgment for $250,000 plus pre-judgment interest, and Mr Tan's cross claim failed.

Jurisdiction
Australia
Judgment Date
26 November 2018
Procedural Posture
Equity Proceedings Involving Claim for Repayment of Money and Cross Claim / Principal Judgment After Hearing
Outcome
Judgment for the plaintiff against the defendant for $250,000 plus pre-judgment interest; defendant's cross claim dismissed; defendant to pay the plaintiff's costs.
Legal Topics
['repayment of Money Paid Under a Cancelled Contract' 'failure of Consideration' 'taking Cash Without Authority' 'foreign Currency Exchange Transactions' 'burden of Proof' 'credibility and Objective Evidence' 'pre Judgment Interest']
['equity' 'contract' 'restitution' 'evidence'] ['repayment of Money Paid Under a Cancelled Contract' 'failure of Consideration' 'taking Cash Without Authority' 'foreign Currency Exchange Transactions' 'burden of Proof' 'credibility and Objective Evidence' 'pre Judgment Interest']

Case Brief

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Procedural Posture

Equity Proceedings Involving Claim for Repayment of Money and Cross Claim / Principal Judgment After Hearing

Legal Issues

  1. 1 ['Whether the defendant was obliged to repay $12,494.90 advanced by the plaintiff after the 3 March 2016 transaction was cancelled.' "Whether the defendant took $237,505.10 cash from the plaintiff's Eastwood branch without authority on 11 March 2016." 'Whether the defendant proved an oral agreement that the plaintiff would accept RMB ¥ 3,000,000 in cash in China through an agent.' 'Whether any payment made to Mr Li in China was received by him as agent of the plaintiff.' "Whether the defendant's cross claim for $350,000 should be allowed."]

Ratio Decidendi

IMBK proved that the $12,494.90 advance was paid under a transaction that was validly cancelled and for which consideration wholly failed, and proved from the CCTV and associated records that Mr Tan took $237,505.10 from the Eastwood branch without IMBK's authority. Mr Tan failed to prove on the balance of probabilities that IMBK agreed to accept RMB ¥ 3,000,000 in cash in China or that Mr Li received any cash as IMBK's agent. IMBK was therefore entitled to judgment for $250,000 plus pre-judgment interest, and Mr Tan's cross claim failed.

Court Disposition

Judgment for the plaintiff against the defendant for $250,000 plus pre-judgment interest; defendant's cross claim dismissed; defendant to pay the plaintiff's costs.

Orders

  • ['Plaintiff is entitled to judgment against the defendant for $250,000 plus pre-judgment interest under s 100 Civil Procedure Act 2005 (NSW).' "Defendant's cross claim is dismissed." "Defendant is to pay the plaintiff's costs, with the Court to hear the plaintiff as to the appropriate basis for payment of costs."...