Beijing court determines dispute over private loan
A case involving a private loan came to trial at the Beijing No 1 Intermediate People's Court on Sept 7.
On Sept 20, 2011, the plaintiff, surnamed Wang, lent 80,000 yuan ($12,500) to the defendants, surnamed Shi and Ma, who promised to return the money with a monthly interest rate of 2 percent on Jan 20, 2012. When they failed to pay Wang on time, Wang took them to court. The court of first instance ordered the defendants to pay the 80,000 yuan loan and the interest. Ma appealed to a higher court, arguing that the actual debtor was Shi, her husband, rather than herself, and that the interest was unreasonably high.
The Beijing No 1 Intermediate People's Court dismissed Ma’s appeal and affirmed the original judgment.