LLOYDS BANK INTERNATTONAL LTD AND ANOTHER v. VICTOR FOLCH VERNET AND OTHERS

LLOYDS BANK INTERNATTONAL LTD AND ANOTHER v. VICTOR FOLCH VERNET AND OTHERS

Plaintiffs failed to establish a good arguable case of conspiracy to defraud against the 7th defendant and failed to show quantified or actual loss from the alleged conspiracy; consequently there was no sufficient basis to continue the Mareva injunction or order for discovery against him, so the injunction and discovery order are discharged and costs awarded to the 7th defendant.

Citation
LLOYDS BANK INTERNATTONAL LTD AND ANOTHER v. VICTOR FOLCH VERNET AND OTHERS
Parties
1st Plaintiff: LLOYDS BANK INTERNATIONAL LIMITED; 2nd Plaintiff: LBI FINANCE (HONG KONG) LIMITED; 1st Defendant: VICTOR FOLCH VERNET; 2nd Defendant: STELLA MARIS URIGUEN FOLCH VERNET also known as S.M.U. RIGUEN and S.M. URIGUEN; 3rd Defendant: HIGH PLATEAU ENTERPRISES LIMITED; 4th Defendant: INMOBILIARIA TIERRA DEL FUEGO S.A.; 5th Defendant: HONG KONG & SHANGHAI BANKING CORP.; 6th Defendant: EDDIE LO MAN PUNG; 7th Defendant: ANTHONY LO HONG SUI; 8th Defendant: RICKY LO MAN KIT; 9th Defendant: DAVID LO MAN CHING; 10th Defendant: TOM TONG KAY TAK; 11th Defendant: HILLORY LIMITED; 12th Defendant: LEEDORY LIMITED; 13th Defendant: JOHNSON, STOKES & MASTER
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
17 May 1983
Case Number
HCA9151/1982
Procedural Posture
Civil Bank Claim for Damages for Fraudulent Conspiracy and Interlocutory Mareva Injunction / Inter Partes Hearing on Continuation of Mareva Injunction and Discovery (interlocutory)
Outcome
Mareva injunction and order for discovery in aid thereof discharged against the 7th defendant; plaintiffs to pay costs of the 7th defendant for the inter partes application to date; case certified fit for two counsel.
Legal Topics
Mareva Injunction, Conspiracy to Defraud, Standard of Proof, Discovery, Fiduciary Duties, Damages
Source Language
EN
Civil Procedure Equity Banking Law Tort Conspiracy Fraud Mareva Injunction Conspiracy to Defraud Standard of Proof +3 more

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Parties

LLOYDS BANK INTERNATIONAL LIMITED

1st Plaintiff

LBI FINANCE (HONG KONG) LIMITED

2nd Plaintiff

VICTOR FOLCH VERNET

1st Defendant

STELLA MARIS URIGUEN FOLCH VERNET also known as S.M.U. RIGUEN and S.M. URIGUEN

2nd Defendant

HIGH PLATEAU ENTERPRISES LIMITED

3rd Defendant

INMOBILIARIA TIERRA DEL FUEGO S.A.

4th Defendant

HONG KONG & SHANGHAI BANKING CORP.

5th Defendant

EDDIE LO MAN PUNG

6th Defendant

ANTHONY LO HONG SUI

7th Defendant

RICKY LO MAN KIT

8th Defendant

DAVID LO MAN CHING

9th Defendant

TOM TONG KAY TAK

10th Defendant

HILLORY LIMITED

11th Defendant

LEEDORY LIMITED

12th Defendant

JOHNSON, STOKES & MASTER

13th Defendant

Procedural Posture

Civil Bank Claim for Damages for Fraudulent Conspiracy and Interlocutory Mareva Injunction / Inter Partes Hearing on Continuation of Mareva Injunction and Discovery (interlocutory)

Legal Issues

  1. 1 Whether plaintiffs established a good arguable case of conspiracy to defraud against the 7th defendant
  2. 2 Whether there was real risk of asset dissipation justifying continuation of Mareva injunction
  3. 3 Whether plaintiffs showed actual or likely damages flowing from alleged conspiracy

Ratio Decidendi

Plaintiffs failed to establish a good arguable case of conspiracy to defraud against the 7th defendant and failed to show quantified or actual loss from the alleged conspiracy; consequently there was no sufficient basis to continue the Mareva injunction or order for discovery against him, so the injunction and discovery order are discharged and costs awarded to the 7th defendant.

Court Disposition

Mareva injunction and order for discovery in aid thereof discharged against the 7th defendant; plaintiffs to pay costs of the 7th defendant for the inter partes application to date; case certified fit for two counsel.

Orders

  • Mareva injunction and discovery order against 7th defendant discharged
  • Plaintiffs to pay the 7th defendant's costs of the inter partes application up to date