3G FINANCE LTD v. YAO YUAN

HCA 2629/2015

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

ACTION NO 2629 OF 2015

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JUDGMENT

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1.  The plaintiff claims against the defendant for repayment of a loan in the sum of $13.8 million and interest as pleaded.

2.  The defendant filed a defence admitting the loan, but alleging that there was repayment at various times to the order of the plaintiff and also in cash to the agent of the plaintiff.

3.  The defendant has not appeared at this trial so, despite the filing of the defence and the witness statements which have been filed in court,  no witnesses have been called on behalf of the defendant and the witness statements are not evidence.

4.  In the absence of any evidence from the defendant, I accept the evidence called by the plaintiff who called three witnesses, Miss Fong Pui-ling, Mr Ng Yiu-lam and Mr Chiu Wai-shing.  In the absence of any evidence to rebut their testimony I find that the plaintiff has established its case against the defendant, and I give judgment for the plaintiff, together with costs.

5.  Terms of the judgment according to the prayer for relief:  payment of the loan in the sum of $13.8 million, payment of accrued interest in the sum of $828,000 from 29 October 2015 to date of judgment or earlier repayment.

(Discussion re interest rate)

6.  So it is judgment in the sum of $13.8 million, being the principal of the loan, interest in the sum of $828,000 for the period from 29 August to 28 October 2015, thereafter at the rate of 36% per annum until date of judgment, that is today, and thereafter at judgment rate.

(Submission on costs)

7.  Costs on a party-and-party basis, to be taxed if not agreed, as between the plaintiff and the defendant, including all costs reserved as between the plaintiff and the defendant.

(Submission on costs re the third party)

8.  In relation to the costs as between the defendant and the third party up until the date when the third party proceedings were stayed, I will grant the third party two-thirds of his costs on a party-and-party basis, to be taxed if not agreed.