Swiss Singapore Overseas Enterprises Pte Ltd v. China Citic Bank Corporation Ltd, Xiamen Branch

HCCL 11/2009

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

COMMERCIAL ACTION NO 11 OF 2009

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BETWEEN

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D E C I S I O N

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1.On 7 November 2013, I made certain orders in connection with the plaintiff’s application for indemnity costs and enhanced interest. I reserved my decision on the application for enhanced interest at the rate of 9% per annum on the judgment sum from the date of judgment until payment.

2.On the afternoon of 7 November 2013, after I had reserved my decision on this point, I received a fax from the plaintiff’s solicitors conceding that interest should run on the judgment sum from the date of judgment until payment at the current judgment rate of 8% per annum.

3.The concession is rightly made.  I agree with the submissions made on behalf of the defendant that the observations of Chadwick LJ in para 24 of his judgment in McPhilemy v Times Newspapers Ltd (No 2) [2002] 1 WLR 934 apply equally to an application to pay enhanced interest on the judgment sum after the date of judgment as it does to an application to pay enhanced interest on costs after the date of judgment. 

Mr Edward Alder, instructed by Smyth & Co, for the plaintiff

Mr Alex Stock, instructed by Maurice WM Lee, for the defendant