Read the full judgment text of FACV 11/2022 on BabelCite. This Court of Final Appeal judgment was delivered on 18 August 2023 before Chief Justice Cheung, Ribeiro PJ, Fok PJ, Lam PJ, Lord Sumption NPJ.
Civil procedure – interest – pre-judgment interest – prime rate – HSBC best lending rate – proxy – JP Morgan US Rates – costs – summons for clarification – no order as to costs – Hong Kong Court of Final Appeal Ordinance (Cap 484) s.46(2) – Komala Deccof – Polyset – World Food Fair – Fargo Shipping – Chow How Yeen – The Court of Final Appeal clarifies that 'prime rate plus 1%' in its earlier judgment refers to HSBC's best lending rate. For the period prior to 2009 when HSBC has no record of its US Dollar best lending rate, a proxy of 0.75% below JP Morgan US Rates is acceptable in the absence of contrary evidence. The court makes no order as to costs of Citi's summons for clarification, as the matter was dealt with on the papers by the full court and no additional costs were incurred.
Legal issues: Calculation of pre-judgment interest – proxy for HSBC best lending rate · Costs of summons for clarification
Outcome: The court accepts Citi's proxy for pre-judgment interest as appropriate. No order as to costs of the summons.
Cited by 5 cases · Cites 2 cases