11 Feb 2025
NEW FINANCE LTD v. LO SIU KONG
- Citation
- [2025] HKCFI 566
- Court
- Court of First Instance
- Case number
- HCA2761/2015
On the evidence the court found, on the balance of probabilities, that the plaintiff, its agent Mr Sit and New Horizons acted in collusion to extract unlawful costs/fees from the defendant; the amount actually lent to the defendant was HK$345,500; unlawful extractions totalling HK$1,454,000 must be deducted under s.27(4) of the Money Lenders Ordinance; the ERI thereby computed exceeded 60% (608.54%) and the loan agreement was unlawful and unenforceable; accordingly the plaintiff's claim was dismissed and set-off/remedy under s.27(4) applied.