29 Sept 2021
CHINA GREAT WALL AMC (INTERNATIONAL) HOLDINGS CO LTD v. ROYAL BOND INVESTMENT LTD AND OTHERS
- Citation
- [2021] HKCFI 2882
- Court
- Court of First Instance
- Case number
- HCMP210/2020
The court held the loan was an exempted corporate loan under the MLO so Order 83A did not apply; the contractual primary interest of 10% and default interest of 12% (compounded as provided) were commercial terms that were neither extortionate under s.25 MLO nor penalty in nature under the modern test; no credible vitiating factors were shown (no undue influence, no proven lack of knowledge), therefore plaintiff was entitled to summary judgment for the computed sum and to possession with limited post-judgment interest and costs.