21 Jul 2014
SHANGHAI YIDU INVESTMENT CONSULTANTS CO LTD v. MANDARIN INTERNATIONAL CORPORATE FINANCE LTD AND ANOTHER
- Citation
- SHANGHAI YIDU INVESTMENT CONSULTANTS CO LTD v. MANDARIN INTERNATIONAL CORPORATE FINANCE LTD AND ANOTHER
- Court
- Court of First Instance
- Case number
- HCA1791/2010
The court found the documentary evidence (Confirmation Letter and Acknowledgement Letter) established the debt and the 2nd defendant’s guarantee; the defendants' pleaded defences (illegality, mistake, alleged settlement) failed on the evidence; the 0.1% per day additional breach payment was not a genuine pre-estimate, produced an exceptionally large increase relative to contractual interest and was therefore a penalty and unenforceable; accordingly judgment was entered for the plaintiff for HK$29,241,010.51 as at 15 May 2014 with interest thereafter at the judgment rate and costs, liability j…