25 Nov 2010
SOCIÉTÉ GÉNÉRALE BANK & TRUST HONG KONG BRANCH v. MIKE PANJWANI
- Citation
- SOCIÉTÉ GÉNÉRALE BANK & TRUST HONG KONG BRANCH v. MIKE PANJWANI
- Court
- Court of First Instance
- Case number
- HCA725/2009
On true construction the Facility Letter (clause B5) gives the bank an independent contractual right to sell Secured Assets upon breach of the Security Ratio without notice or consent; clauses B4/B5 (Security Ratio and sale) and General Terms 8.7/8.8 (margin Call/Close-out) operate in different spheres; terms requiring reasonable notice to comply with margin calls or that notifications must always be effective were inconsistent with express terms and the commercial matrix and thus not implied; the Defendant's factual account was not credible and he had no real or bona fide defence, so summary…