8 Mar 2002
THE KA WAH BANK LTD v. BHAGWAN SHANKARDAS MOORJANI
- Citation
- THE KA WAH BANK LTD v. BHAGWAN SHANKARDAS MOORJANI
- Court
- Court of Final Appeal
- Case number
- FACV13/2001
The court held that 'current value' in clause 3.2 means the US dollar value of the customer's Yen entitlement; the bank was entitled to deduct the floating loss from the cash margin and require the remaining margin to be topped up to 5% of that current value, and therefore properly demanded additional margin and lawfully closed out the contracts on the customer's default, so the Court of Appeal's contrary construction was wrong.