MIDLAND REALTY (COMM & IND) LTD v. NCF (HK) LTD

HCA 1830/2013

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

ACTION NO 1830 OF 2013

(TRANSFERRED FROM DISTRICT COURT CIVIL ACTION NO 2062 OF 2012)

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DECISION ON INTEREST
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1.  By a judgment, dated 22 May 2015, I awarded the defendant damages on its counterclaim in the sum of $1,732,043.68 and I directed the parties to file written submissions regarding interest.

2.  I received submissions from the defendant, dated 29 May 2015.  The plaintiff declined to make submissions.  I agree with the defendant’s submissions and what follows adopts those submissions.

3.  The interest rate shall be the usual rate of prime plus 1%.

4.  The damages are made up of four different sums, set out in paragraph 98 of my judgment.

5.  With regard to the settlement sum paid to Goldtop ($799,610.68), the defendant made a sanctioned offer to Goldtop in that amount, which was accepted.  The settlement sum was released on 26 June 2013.  I award the defendant interest on the sum of $799,610.68 from 26 June 2013.

6.  As for Goldtop’s legal costs ($283,000), on 6 September 2013, the court ordered that the legal costs should be released to Goldtop.  I award the defendant interest on the sum of $283,000.00 from 6 September 2013.

7.  As to the defendant’s legal fees incurred in the Goldtop Action ($635,033), the fees were paid in different tranches over time and the defendant submits that is it difficult to adopt each and every payment as establishing a separate start date.  Instead, the defendant proposes that interest run from 31 July 2012.  I award the defendant interest on the sum of $635,033.00 from 31 July 2012.

8.  Regarding the additional expenses ($14,400), the defendant submits that interest should run from 15 October 2012.  I award the defendant interest on the sum of $14,400.00 from 15 October 2012.