26 Aug 2021
FIELD FINANCE LTD v. SIT KA MAN
- Citation
- [2021] HKDC 864
- Court
- District Court
- Case number
- DCCJ828/2019
The court found on the balance of probabilities that there was collusion between the intermediaries (Mr Yip, Mr Shek/Fung Ming) and the plaintiff sufficient to engage s.27 MLO; the sum of HK$1,442,000 paid to the intermediaries constituted remuneration recoverable from the plaintiff under s.27(4) and therefore the defendant is entitled to set off HK$1,442,000 against the amount actually lent. The principal to be regarded as lent was HK$1,692,000 (HK$1,800,000 less HK$108,000 retained). The HK$1,442,000 was not held to be 'interest' under s.2(1) and the contractual interest payable was HK$432,…