4 Oct 2010
HUNG FUNG ENTERPRISES HOLDINGS LTD AND ANOTHER v. THE AGRICULTURAL BANK OF CHINA
- Citation
- HUNG FUNG ENTERPRISES HOLDINGS LTD AND ANOTHER v. THE AGRICULTURAL BANK OF CHINA
- Court
- Court of First Instance
- Case number
- HCA16459/1998
The plaintiffs' claims failed because no legally concluded Swap Agreement was proved (parties at most reached an agreement subject to approval/formalities) and, in any event, under PRC law a foreign economic contract of the nature alleged required writing so an oral swap was ineffective; misrepresentation and conversion claims failed on the evidence and legal tests; the Bank's counterclaim succeeded for unpaid loan capital and interest (subject to assessment) though PRC doubled-interest penalties were not enforced by this Court.