28 Jan 1994
WONG KWAI FUN v. LI FUNG
- Citation
- WONG KWAI FUN v. LI FUNG
- Court
- Court of First Instance
- Case number
- HCA5810/1986
Court found on the balance of probabilities that a loan of $148,500 was made with post-dated cheques and that the effective interest exceeded 60% (about 400% p.a.), bringing the transactions within s.24 so the loan and all securities (power of attorney, 18/4/86 sale agreement, suit assignment) were illegal, unenforceable and void; court exercised s.25 power to reopen the transaction and ordered defendant to repay a reduced sum of $146,500; plaintiff was denied subrogation because the sums used to discharge prior mortgages did not establish an equitable subrogation in plaintiff's favour and, o…