CHINA SHANSHUI CEMENT GROUP LTD AND OTHERS v. ZHANG CAIKUI AND OTHERS

CHINA SHANSHUI CEMENT GROUP LTD AND OTHERS v. ZHANG CAIKUI AND OTHERS

The ex parte worldwide Mareva order granted to the 1st–3rd plaintiffs was discharged for material misrepresentation of locus and non-disclosure, but the court granted a non-worldwide Mareva injunction to the 1st plaintiff for HK$24,000,000 and to the 4th plaintiff for HK$167,000,000 (RMB146.88 million) totaling...

Source-derived case information.

Citation
CHINA SHANSHUI CEMENT GROUP LTD AND OTHERS v. ZHANG CAIKUI AND OTHERS
Parties
1st Plaintiff: CSCG; 4th Plaintiff: Shandong Cement; 1st Defendant: Zhang Snr; 2nd Defendant: Zhang Jnr; 9th Defendant: CNBM; 10th Defendant: ACC
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
18 July 2017
Case Number
HCA2880/2015
Procedural Posture
Civil Injunctive Proceedings (mareva/freezing Order) / Inter Partes Hearing on Continuation and Variation of Ex Parte Mareva Injunction (decision Dated 18 July 2017)
Outcome
Partly discharged and partly continued with variation: ex parte worldwide Mareva order to 1st–3rd plaintiffs discharged; Mareva injunction granted to 1st plaintiff HK$24,000,000 and to 4th plaintiff HK$167,000,000 (RMB146.88m), total restraint HK$191,000,000; exception amended to permit voting rights; costs...
Legal Topics
Mareva Injunction, Freezing Order, Derivative Action, Material Non Disclosure, Jurisdiction, Variation of Injunctive Relief
Source Language
en
Civil Equity Company Law Injunctions Procedural Law Mareva Injunction Freezing Order Derivative Action +3 more

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Parties

CSCG

1st Plaintiff

Shandong Cement

4th Plaintiff

Zhang Snr

1st Defendant

Zhang Jnr

2nd Defendant

CNBM

9th Defendant

ACC

10th Defendant

Procedural Posture

Civil Injunctive Proceedings (mareva/freezing Order) / Inter Partes Hearing on Continuation and Variation of Ex Parte Mareva Injunction (decision Dated 18 July 2017)

Legal Issues

  1. 1 Whether plaintiffs have a good arguable case on claimed sums
  2. 2 Whether there is a real risk of dissipation of assets
  3. 3 Whether there are sufficient assets within Hong Kong to satisfy claims

Ratio Decidendi

The ex parte worldwide Mareva order granted to the 1st–3rd plaintiffs was discharged for material misrepresentation of locus and non-disclosure, but the court granted a non-worldwide Mareva injunction to the 1st plaintiff for HK$24,000,000 and to the 4th plaintiff for HK$167,000,000 (RMB146.88 million) totaling HK$191,000,000, and varied exception D(2) to permit exercise of voting rights attached to CSI shares registered in Zhang Snr's name.

Court Disposition

Partly discharged and partly continued with variation: ex parte worldwide Mareva order to 1st–3rd plaintiffs discharged; Mareva injunction granted to 1st plaintiff HK$24,000,000 and to 4th plaintiff HK$167,000,000 (RMB146.88m), total restraint HK$191,000,000; exception amended to permit voting rights; costs...

Orders

  • Discharge of ex parte worldwide Mareva Order granted to the 1st to 3rd plaintiffs
  • Grant Mareva injunction (not worldwide) in substantially same terms in favour of 1st plaintiff for HK$24,000,000