18 Nov 2003
CHINA GREAT WALL FINANCE CO v. WONDERYOUTH INDUSTRIES LTD
- Citation
- CHINA GREAT WALL FINANCE CO v. WONDERYOUTH INDUSTRIES LTD
- Court
- Court of First Instance
- Case number
- HCA6915/1996
The Supplemental Agreement dated 19 March 1996, governed by Hong Kong law, was a valid and enforceable settlement by which Wonderyouth accepted liability for repayment of the monies advanced; the Court rejected the Loan Agreement as an accurate contemporaneous record of the 1990 advance because of doubts over signatures and provenance; Wonderyouth failed to establish that the disputed payments/set-offs discharged the debt; the Money Lenders Ordinance did not bar recovery on the facts; CGW Finance was entitled to judgment for outstanding principal of US$2,997,933.18 plus interest and a declara…