KO WANG MING v. HONG KONG FOREX INVESTMENT LTD AND ANOTHER

KO WANG MING v. HONG KONG FOREX INVESTMENT LTD AND ANOTHER

Plaintiff's evidence was rejected as not credible; the Client Agreement expressly allowed the trader to act as principal and contained clear risk disclosure and disclaimers which precluded the fiduciary and agency duties alleged; no fraudulent misrepresentation or breach of the pleaded implied terms was established; plaintiff affirmed the contract by conduct and in any event failed to rescind; judgment for defendants, counterclaim by Ng for HK$290,000 allowed with interest; contribution claims dismissed.

Citation
KO WANG MING v. HONG KONG FOREX INVESTMENT LTD AND ANOTHER
Parties
Plaintiff: Ko Wang Ming; 1st Defendant: Hong Kong Forex Investment Limited; 2nd Defendant: Ng Chit Chung Eddie
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
27 December 2013
Case Number
HCA2320/2008
Procedural Posture
Civil Contractual and Tort (fraud/misrepresentation/ Fiduciary) / Judgment (court of First Instance)
Outcome
Plaintiff's claims dismissed; Ng's counterclaim for HK$290,000 allowed; contribution/indemnity claims between defendants dismissed
Legal Topics
Misrepresentation, Breach of Contract, Fiduciary Duty, Vicarious Liability, Rescission/affirmation, Counterclaim, Damages, Costs, Regulatory Compliance
Source Language
EN
Contract Tort Securities Regulation Equity/fiduciary Law Procedural Law Misrepresentation Breach of Contract Fiduciary Duty +6 more

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Parties

Ko Wang Ming

Plaintiff

Hong Kong Forex Investment Limited

1st Defendant

Ng Chit Chung Eddie

2nd Defendant

Procedural Posture

Civil Contractual and Tort (fraud/misrepresentation/ Fiduciary) / Judgment (court of First Instance)

Legal Issues

  1. 1 Whether fraudulent misrepresentations were made by Ng
  2. 2 Whether the 1st defendant or Ng owed fiduciary duties to the plaintiff
  3. 3 Whether the 1st defendant breached the written undertaking to notify material changes (licence revocation)

Ratio Decidendi

Plaintiff's evidence was rejected as not credible; the Client Agreement expressly allowed the trader to act as principal and contained clear risk disclosure and disclaimers which precluded the fiduciary and agency duties alleged; no fraudulent misrepresentation or breach of the pleaded implied terms was established; plaintiff affirmed the contract by conduct and in any event failed to rescind; judgment for defendants, counterclaim by Ng for HK$290,000 allowed with interest; contribution claims dismissed.

Court Disposition

Plaintiff's claims dismissed; Ng's counterclaim for HK$290,000 allowed; contribution/indemnity claims between defendants dismissed

Orders

  • Judgment for 2nd defendant (Ng) on counterclaim against plaintiff for HK$290000 with interest from 29 December 2008 to judgment at 1% above HSBC best lending rate and thereafter at judgment rate
  • Dismissal of plaintiff's claims against 1st defendant and 2nd defendant