Nov 23, 2021
On 13 September 2021, Isaac acted on behalf of the Defendant in 𝐂𝐡𝐨𝐢 𝐒𝐚𝐧 𝐒𝐚𝐧 𝐯. 𝐇𝐮𝐢 𝐘𝐚𝐧 𝐒𝐮𝐢 𝐖𝐢𝐥𝐥𝐢𝐚𝐦  𝐇𝐊𝐂𝐅𝐈 𝟐𝟗𝟎𝟕.
The Plaintiff sought to enforce repayment of a $10 million loan which the Defendant had borrowed for investment. There was no dispute that the Defendant had in fact repaid $10.25 million. The Plaintiff argued that this repayment was interest on the loan and the principal loan remained outstanding. The Defendant argued that there was a collateral agreement to the loan agreement that stipulated that the Defendant would only be liable to pay interest on the loan if the Defendant successfully obtained a certain level of return on his investment.
Master Anthony Chan dismissed the Plaintiff’s summary judgment application due to typographical errors and discrepancies in the Statement of Claim without considering the merits. The Plaintiff corrected these errors by amendments and sought to appeal the master’s decision.
Recorder Eugene Fung allowed the appeal based on (1) the little evidence adduced by the Defendant regarding the collateral agreement; (2) the collateral agreement was inconsistent with contemporaneous documents and (3) the Defendant’s own conduct was inconsistent with the existence of the collateral agreement.
The main takeaway from judgment is a reminder that a Defendant resisting summary judgment applications must adduce sufficient evidence to persuade the court that his version of events is believable and amounts to an arguable defence in law.
The full judgment is available here.