24 Jun 2016
TAI PING RESTAURANT LTD v. DIRECTOR OF LANDS
- Citation
- TAI PING RESTAURANT LTD v. DIRECTOR OF LANDS
- Court
- Lands Tribunal
- Case number
- LDLR1/2013
The Tribunal held it has jurisdiction to award interest on the provisional payment because acceptance was without prejudice under s16A(2) and the Agreement did not oust the Tribunal's statutory power; absent evidence to displace the conventional starting point, pre-judgment interest is fixed at 1% above the HSBC prevailing best lending rate (proxy for prime), and interest is awarded on both the provisional payment and the balance accordingly; costs awarded to applicant.