23 Jan 2019
SKYLINE CREDIT LTD v. LEUNG HING CHUNG
- Citation
- [2019] HKCFI 169
- Court
- Court of First Instance
- Case number
- HCA639/2016
The court found on the evidence that the Plaintiff colluded with Lamto to procure the Defendant into the loan, that the amount actually lent (amount received by Defendant) was HK$962,000 and that sums of HK$838,000 paid to intermediaries and for fees/retained interest constitute amounts in excess of the principal that fall within the definition of 'interest' under s.2. Including contractual interest (HK$496,800) and those excess sums yields a total interest of HK$1,334,800 on an actual advance of HK$962,000, an effective rate of c.138.75% per annum, exceeding 60% and rendering the Loan Agreem…
- Collusion between lender and intermediary
- Effective rate of interest calculation
- Illegal charges and set-off under s.27 mlo
- Unenforceability of loan agreements
- Assessment of witness credibility