Where a primary judge expressly disavows reliance on demeanour and bases findings on inferences from objective factors, the appellate court is as well placed as the trial judge to draw inferences from undisputed primary facts and will give effect to its own conclusion. A finding of deceit requires the court to address the defendant's state of mind, including whether the defendant held a genuine belief in authority. Compensatory damages require a causal nexus between the payment claimed as loss and the wrongful act found.
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