12 Mar 2020
TOTALCORP (NOMINEES) LTD v. HONG KONG SAI KUNG NGONG WO RESORT DEVELOPMENT LTD
- Citation
- [2020] HKCFI 335
- Court
- Court of First Instance
- Case number
- HCMP674/2017
The court found an agreement existed in the terms reflected by the 14 June 2016 demand letter charging interest at 4% per month on the outstanding sums (which, applied to the correct principal of HK$41,004,220, produced an effective annual rate of c.74% p.a.). That effective rate exceeded 60% p.a. and thus contravened s24 Cap 163; consequently the agreement and the securities purportedly given under it were unlawful and unenforceable and the plaintiff's claim was dismissed; the doctrine of locus poenitentiae could not cure the illegality; adverse inferences were drawn from late disclosure and…