4 Sept 2020
GAIN WEALTH GLOBAL CREDIT & INVESTMENT LTD v. CHAN SUK FONG
- Citation
- [2020] HKCA 737
- Court
- Court of Appeal
- Case number
- CACV28/2019
Sections 27(3) and 29(10) were engaged in respect of sums charged unlawfully (eg the $37,000 upfront fee) and collusion was established, but payments made to independent fraudsters were not held to be "interest" under s2(1) absent evidence linking those payments to the lender or its agent; "principal" means the amount actually lent and must exclude sums not applied for the borrower's benefit (court reduced contractual principal by $37,000 upfront fee and $100,000 cash cheque to a deemed principal of $863,000); using interest of $337,000 and principal $863,000 produces an effective annual rate…