DRAGON WINGS COMMUNICATIONS LTD AND ANOTHER v. FINTEL GROUP LTD AND ANOTHER

DRAGON WINGS COMMUNICATIONS LTD AND ANOTHER v. FINTEL GROUP LTD AND ANOTHER

Where defendants breached by failing to deliver tradable and additional MKAC shares, damages are quantified by reference to market price on the dates of breach (18 September 2006 and 1 June 2007). Applying that rule, the court awarded USD84,721.05 to the 1st Plaintiff and USD50,832.90 to the 2nd Plaintiff, with joint and several liability, interest and costs as ordered.

Citation
DRAGON WINGS COMMUNICATIONS LTD AND ANOTHER v. FINTEL GROUP LTD AND ANOTHER
Parties
1st Plaintiff: Dragon Wings Communications Limited; 2nd Plaintiff: Wong Yee Tat; 1st Defendant: Fintel Group Limited; 2nd Defendant: Sancon Resources Recovery, Inc.
Court
District Court
Jurisdiction
Hong Kong
Judgment Date
19 May 2010
Case Number
DCCJ3251/2008
Procedural Posture
Civil Action (contract Shares) / Assessment of Damages After Interlocutory Judgment
Outcome
Judgment for 1st and 2nd Plaintiffs; damages assessed and awarded.
Legal Topics
Specific Performance, Damages for Non Delivery, Share Transfer, Legend Removal, Interest, Costs
Source Language
EN
Contract Commercial Securities Specific Performance Damages for Non Delivery Share Transfer Legend Removal Interest +1 more

Case Brief

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Parties

Dragon Wings Communications Limited

1st Plaintiff

Wong Yee Tat

2nd Plaintiff

Fintel Group Limited

1st Defendant

Sancon Resources Recovery, Inc.

2nd Defendant

Procedural Posture

Civil Action (contract Shares) / Assessment of Damages After Interlocutory Judgment

Legal Issues

  1. 1 Whether defendants breached the SPA and Undertaking by failing to deliver tradable shares and to reissue additional shares
  2. 2 Proper measure of damages for non-delivery of shares
  3. 3 Appropriate date(s) for valuation of shares (date of breach)

Ratio Decidendi

Where defendants breached by failing to deliver tradable and additional MKAC shares, damages are quantified by reference to market price on the dates of breach (18 September 2006 and 1 June 2007). Applying that rule, the court awarded USD84,721.05 to the 1st Plaintiff and USD50,832.90 to the 2nd Plaintiff, with joint and several liability, interest and costs as ordered.

Court Disposition

Judgment for 1st and 2nd Plaintiffs; damages assessed and awarded.

Orders

  • The 1st and 2nd Defendants do jointly and severally pay the 1st Plaintiff damages assessed at USD84,721.05 or the Hong Kong dollar equivalent at the time of payment.
  • The 1st and 2nd Defendants do jointly and severally pay the 2nd Plaintiff damages assessed at USD50,832.90 or the Hong Kong dollar equivalent at the time of payment.