Read the full judgment text of HCA 1922/2005 on BabelCite. This High Court CFI judgment was delivered on 3 August 2009.
1. In about 1994 or 1995, the plaintiff agreed to advance loans to finance sub-contracting works in Housing Authority Contract No. 24/93 (“the 1 st funding agreement”). Interest was agreed at 13.5% per annum, or 4% above the then prime rate, to be adjusted in accordance with the prime rate, payable at monthly rests, and the loans were repayable upon receipt of payments from the contractor which sub-contracted the works, i.e. Shun Shing Construction & Engineering Co. Ltd (“Shun Shing”).
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