24 Sept 2021
The court dismissed the plaintiffs' application for summary judgment because the defendant had raised a bona fide triable issue concerning the terms of repayment of the loan (an alleged oral agreement to repay on sale of the property) and the credibility and explanation of pleadings could not be resolved without a trial.
25 Apr 2018
The court found amounts of HK$197,120 and HK$91,973 withheld and paid to HSPC were remuneration/interest effectively received by an agent of the lender in contravention of MLO s27(3)/s29(10) and therefore set off under s27(4) was required; after those set offs the computed effective rates for the second and third loans exceeded 60% p.a. in breach of s24 MLO rendering the 3rd Loan Agreement unenforceable and the plaintiff's enforcement claim dismissed.
16 Dec 2004
The judge accepted the plaintiff's and corroborating evidence, found that the defendants agreed on 12 October 2000 to repay the consolidated sum by monthly instalments with an intention to be legally bound, that the repayment terms were sufficiently certain and that the defendants were jointly liable; accordingly judgment was entered for the plaintiff for HK$767,637.44 with interest and costs against the second named defendant.