18 Aug 2023
PT ASURANSI TUGU PRATAMA INDONESIA TBK v. CITIBANK N.A.
- Citation
- [2023] HKCFA 25
- Court
- Court of Final Appeal
- Case number
- FACV11/2022
The phrase 'prime rate' in the judgment denotes HSBC's US Dollar best lending rate; in the absence of HSBC's records for the period 6 October 2006 to 31 December 2008 Citi's proxy of JP Morgan US Rates less 0.75% is an acceptable substitute; absent contrary affidavit or expert evidence from Tugu there is no basis to adopt an alternative proxy; pre-judgment interest must be calculated accordingly; no order as to costs of the summons.