KWOK SIU MING SIMON v. ROTHSCHILD BANK AG AND OTHERS

KWOK SIU MING SIMON v. ROTHSCHILD BANK AG AND OTHERS

On the balance of probabilities the Court found that the plaintiff was induced by the 3rd Defendant's misrepresentation to authorize the remittance, that the 2nd Defendant acted in concert and that the 4th Defendant holds the funds as constructive trustee for the plaintiff; accordingly declaratory relief, judgment...

Source-derived case information.

Citation
KWOK SIU MING SIMON v. ROTHSCHILD BANK AG AND OTHERS
Parties
Plaintiff: Kwok Siu-ming, Simon; 1st Defendant: Rothschild Bank AG; 2nd Defendant: Huang Yuan-yuan, Ian; 3rd Defendant: Ang Su-wen, Pauline; 4th Defendant: Alidex Portfolio SA
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
18 November 1998
Case Number
HCCL140/1997
Procedural Posture
Commercial List (civil Fraud/constructive Trust) / Judgment After Trial (court of First Instance)
Outcome
Judgment for the Plaintiff against the 2nd, 3rd and 4th Defendants; counterclaim of 2nd Defendant dismissed
Legal Topics
Constructive Trust, Breach of Fiduciary Duty, Money Had and Received, Conspiracy to Injure, Injunctions, Declaration of Beneficial Ownership, Proprietary Remedy
Source Language
en
Equity Trusts Commercial Law Banking Law Civil Fraud Remedies Constructive Trust Breach of Fiduciary Duty +5 more

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Parties

Kwok Siu-ming, Simon

Plaintiff

Rothschild Bank AG

1st Defendant

Huang Yuan-yuan, Ian

2nd Defendant

Ang Su-wen, Pauline

3rd Defendant

Alidex Portfolio SA

4th Defendant

Procedural Posture

Commercial List (civil Fraud/constructive Trust) / Judgment After Trial (court of First Instance)

Legal Issues

  1. 1 Whether the plaintiff was induced by misrepresentation to authorize transfer of funds
  2. 2 Whether the 3rd Defendant breached fiduciary duties to the plaintiff
  3. 3 Whether the 2nd Defendant knowingly assisted the breach and whether the 4th Defendant holds the funds as constructive trustee

Ratio Decidendi

On the balance of probabilities the Court found that the plaintiff was induced by the 3rd Defendant's misrepresentation to authorize the remittance, that the 2nd Defendant acted in concert and that the 4th Defendant holds the funds as constructive trustee for the plaintiff; accordingly declaratory relief, judgment for US$3,230,000 with interest, an injunction against dealing with the funds and costs were awarded to the plaintiff.

Court Disposition

Judgment for the Plaintiff against the 2nd, 3rd and 4th Defendants; counterclaim of 2nd Defendant dismissed

Orders

  • Declaration that the funds of US$3,230,000.00 (or such amount as remains) standing in the account at Rothschild Bank AG, Zurich in the name of the 4th Defendant belong in equity to the Plaintiff and are held by the 4th Defendant as constructive trustee for the Plaintiff
  • Declaration that the Plaintiff is the beneficial owner of the amount of US$3,230,000.00 (or such monies as remain) in the aforesaid account