22 Aug 2022
SKYLINE CREDIT LTD v. LEUNG HING CHUNG
- Citation
- [2022] HKCA 1241
- Court
- Court of Appeal
- Case number
- CACV83/2019
The Court found collusion between the plaintiff and the intermediary but held the trial judge erred in treating all Four Sums as part of deemed interest; only the legal fee, three months' interest and the handling fee were to be treated as interest for ERI calculation producing an ERI of 33.2% (below statutory caps), but under s27(4) the insurance payment of HK$762,320 (paid to the fraudster) was recoverable or capable of set-off and was ordered set off against the deemed principal, resulting in judgment for the plaintiff in the sum of HK$962,000 with interest from 23 January 2019.