3 May 2000
NEW TECHNOLOGY CABLE LTD. v. POPBRIDGE INDUSTRIAL LTD.
- Citation
- NEW TECHNOLOGY CABLE LTD. v. POPBRIDGE INDUSTRIAL LTD.
- Court
- Court of Appeal
- Case number
- CACV50/2000
The Court held the written letter of 9 April 1999 evidenced the plaintiff as the principal lender; the defendant accepted the benefit of the advance and thus ratified any unauthorised signature; the contractual rate of 5% per month equals 60% p.a. and does not exceed the statutory limit and the loan was in any event within the statutory exemption for companies with paid up capital over HK$1,000,000; accordingly the defendant had no defence to the principal sum and judgment for the plaintiff was appropriate, but the issue of the proper rate of interest remains triable and the defendant is enti…