23 Mar 2016
LEI SHING HONG CREDIT LTD v. ACCUFAST LTD AND OTHERS
- Citation
- LEI SHING HONG CREDIT LTD v. ACCUFAST LTD AND OTHERS
- Court
- Court of First Instance
- Case number
- HCMP1749/2014
The appeal was allowed because the Service Charge produced an effective interest rate exceeding 48% such that the transaction is prima facie extortionate under s.25 of the Money Lenders Ordinance and the substantive issues (misrepresentation and whether the provision is a penalty) cannot be resolved summarily; accordingly the Master's order awarding the stated sums, possession and costs was set aside to permit trial and reopening of the transaction.