21 Jul 1986
HONG KONG SHANGHAI (SHIPPING) LTD v. THE OWNERS OF THE SHIP OF VESSEL "EVERGRAND" (Panamanian Flag) AND ANOTHER
- Citation
- HONG KONG SHANGHAI (SHIPPING) LTD v. THE OWNERS OF THE SHIP OF VESSEL "EVERGRAND" (Panamanian Flag) AND ANOTHER
- Court
- Court of First Instance
- Case number
- HCAJ110/1986
The 7 October 1980 loan agreement was not a money-lending contract within the ambit of the 1911 Money Lenders Ordinance because (1) HSS was not carrying on money-lending business in Hong Kong through WSS and the lending/repayment occurred in New York/Bahamas, so the proper law and closest connections were foreign, and (2) HSS fell within the banking/establishment exemption; accordingly the Ordinance did not override the parties' express choice of English law. Therefore arrests were not set aside for non-disclosure, vessels were not released, issues of outstanding indebtedness should be determ…