Hong Kong Case Law: Decisions & Judgments | LexChat

Topic

Compound v simple interest

Legal area

Court

23 May 2022

CHINA AGRI-PRODUCTS EXCHANGE LTD v. WANG XIU QUN AND ANOTHER

Citation

[2022] HKCFI 1533
Court

Court of First Instance
Case number

HCA1807/2011

Court awarded pre-judgment interest at prime plus 1%: Overpayment claim interest from 5 December 2007 to judgment, Profit Guarantee claim interest from 1 January 2008 to judgment, Land Indemnity interest from date of writ (24 October 2011) to judgment; refused defendants' claim for 50% discount for delay; held interest under the Instruments is simple interest (not compounded).
27 Jun 1986

RONALD LI KAI CHU AND ANOTHER v. DEACON TE KEN CHIU AND OTHERS

Citation

RONALD LI KAI CHU AND ANOTHER v. DEACON TE KEN CHIU AND OTHERS
Court

Court of Appeal
Case number

CACV199/1985

The Court of Appeal upheld that Asia held a tenancy interest in the Yuen Long Theatre and that Mr and Mrs Deacon Chiu breached fiduciary duties, requiring them to account for profits; Far East was liable as a constructive trustee by imputed/participatory knowledge; however the trial judge's quantified award was set aside and remitted for a proper account under the Rules of Court; compound interest was disallowed in favour of simple interest crystallised at the end of each accounting year; costs in the court below to be taxed on a common fund basis rather than indemnity.