24 May 2024
SHUN ON FINANCE LTD v. LEUNG CHUN WA
- Citation
- [2024] HKCFI 1359
- Court
- Court of First Instance
- Case number
- HCMP1196/2016
The court found the plaintiff colluded with intermediaries (Demon/Chu/F&M) in procuring the loan such that payments extracted by those intermediaries were unlawful under s27(3); the principal paid to the intermediaries was set off under s27(4) reducing the loan to zero, and the plaintiff breached s18(1)/(2) requirements such that, applying s18(3) in all the circumstances (including the collusion and the borrower’s vulnerability), the court would not exercise its discretion to enforce the loan or mortgage; accordingly the plaintiff’s claim was dismissed and the defendant’s counterclaim granted.