20 Jan 2022
ACTUALLY FINANCIAL LTD v. WONG PUI MIU
- Citation
- [2022] HKDC 82
- Court
- District Court
- Case number
- DCCJ3317/2020
Court found the plaintiff and intermediaries were 'playing the same game' (collusion); sums of $600,000 consultancy fee, $201,600 withheld instalments and $51,200 labelled fees were not amounts actually lent and/or were payments in relation to obtaining the loan and fell within s27; deducting those sums produced a deemed principal of $347,200 and contractual/ deemed interest of $403,200 yielding an effective annual rate of 116.129% which exceeds 60% under s24, rendering the loan agreements unlawful and unenforceable and justifying dismissal of the plaintiff's claim and entitlement of the defe…