DENNIS KWOK HON MING v. POON SUI CHEONG ALBERT AND OTHERS

DENNIS KWOK HON MING v. POON SUI CHEONG ALBERT AND OTHERS

The court approved the parties' proposed directions largely but rejected a blanket permission allowing any evidence to be filed up to lodgment of hearing bundles. The court required completion of the independent valuers' report and a Q&A process before finalising what additional evidence, if any, may be adduced:...

Source-derived case information.

Citation
DENNIS KWOK HON MING v. POON SUI CHEONG ALBERT AND OTHERS
Parties
Petitioner: Dennis Kwok Hon Ming; 1st Respondent: Poon Sui Cheong Albert; 2nd Respondent: Irene Tseng; 3rd Respondent: Yang Hong Ching Norris; 4th Respondent: Luo Ming Xin William also known as Lo Ming Tak William; 5th Respondent: Law Wing Mei Helen; 6th Respondent: Asian Adventure Limited; 7th Respondent: Enchantment Properties Limited; 8th Respondent: China Funds Development Limited; 9th Respondent: Minloy Limited; Respondent (consolidated Matter): Top Master Development Limited; Respondent (consolidated Matter): Wealth Island International Limited
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
7 July 2017
Case Number
HCMP1526/2013
Procedural Posture
Unfair Prejudice Petition and Valuation of Shares (consolidated Miscellaneous Proceedings) / Directions Hearing Prior to Substantive Valuation Hearing (interlocutory)
Outcome
Directions given with modifications; direction 3(e) (no evidence filed after lodging bundles without leave) not approved as drafted; parties to follow staged Q&A and notification procedure; matter adjourned/suspended insofar as petitioner intends to apply about information supplied to Independent Valuers; costs...
Legal Topics
Unfair Prejudice, Share Buy‑out Valuation, Expert Evidence and Adducing Further Reports, Interim Payment Pending Appeal, Costs
Source Language
en
Company Law Equity Civil Procedure Evidence Valuation Law Unfair Prejudice Share Buy‑out Valuation Expert Evidence and Adducing Further Reports +2 more

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Parties

Dennis Kwok Hon Ming

Petitioner

Poon Sui Cheong Albert

1st Respondent

Irene Tseng

2nd Respondent

Yang Hong Ching Norris

3rd Respondent

Luo Ming Xin William also known as Lo Ming Tak William

4th Respondent

Law Wing Mei Helen

5th Respondent

Asian Adventure Limited

6th Respondent

Enchantment Properties Limited

7th Respondent

China Funds Development Limited

8th Respondent

Minloy Limited

9th Respondent

Top Master Development Limited

Respondent (consolidated Matter)

Wealth Island International Limited

Respondent (consolidated Matter)

Procedural Posture

Unfair Prejudice Petition and Valuation of Shares (consolidated Miscellaneous Proceedings) / Directions Hearing Prior to Substantive Valuation Hearing (interlocutory)

Legal Issues

  1. 1 Whether parties may file further expert evidence without leave after lodgment of hearing bundles and after appointment of independent valuers
  2. 2 Whether the substantive valuation hearing should be listed before the independent valuation process and Q&A is complete
  3. 3 Admissibility of additional valuation evidence where independent valuers were appointed by court order

Ratio Decidendi

The court approved the parties' proposed directions largely but rejected a blanket permission allowing any evidence to be filed up to lodgment of hearing bundles. The court required completion of the independent valuers' report and a Q&A process before finalising what additional evidence, if any, may be adduced: parties must notify proposed further evidence within 14 days of completion of the Q&A process and seek leave if disputed. Performance of directions was suspended pending any application by the petitioner regarding alleged incomplete or inaccurate information provided to the Independent Valuers. Costs were ordered nisi.

Court Disposition

Directions given with modifications; direction 3(e) (no evidence filed after lodging bundles without leave) not approved as drafted; parties to follow staged Q&A and notification procedure; matter adjourned/suspended insofar as petitioner intends to apply about information supplied to Independent Valuers; costs...

Orders

  • Independent Valuers (Deloitte and Colliers) directed to value the petitioner's shares pursuant to earlier order
  • Valuation report originally ordered to be produced within 60 days (deadline later extended to 23 June 2017)