TTI GLOBAL RESOURCES HONG KONG LTD v. HONGKONG MYPHONE TECHNOLOGY CO LTD AND OTHERS

TTI GLOBAL RESOURCES HONG KONG LTD v. HONGKONG MYPHONE TECHNOLOGY CO LTD AND OTHERS

Amendment of pleadings was allowed; the defendants failed to raise credible, believable evidence of bona fide purchaser for value or change of position when tested against the incontrovertible background; the currency matching arrangements were unlawful under Mainland law (accepting YR Law Firm opinion and rejecting Sincere Partners' narrow construction); accordingly summary judgment was entered for the plaintiff against the 2nd Defendant for USD 1,602,313.32 and against the 4th Defendant for USD 181,629.32 and USD 4,370.75, and the master’s dismissal was set aside.

Citation
[2021] HKCFI 306
Parties
Plaintiff: TTI Global Resources hong kong limited; 1st Defendant: hongkong myphone technology co., limited; 2nd Defendant: multi wise trading limited; 3rd Defendant: gold gragon enterprises limited; 4th Defendant: stars trading limited
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
10 February 2021
Case Number
HCA1053/2019
Procedural Posture
Civil Unjust Enrichment and Fraud / Appeal From Master's Dismissal of Summary Judgment; Application to Amend Statement of Claim
Outcome
Appeal allowed; master's order set aside; amendment to statement of claim allowed; summary judgment entered for plaintiff against 2nd and 4th Defendants as specified; costs order nisi made.
Legal Topics
Summary Judgment (order 14), Amendment of Pleadings (order 20), Bona Fide Purchaser for Value, Change of Position, Illegality Defence, Currency Matching/underground Remittance, Expert Evidence (ladd V Marshall)
Source Language
EN
Unjust Enrichment Civil Procedure Fraud Anti Money Laundering/money Services Foreign Exchange Regulation Summary Judgment (order 14) Amendment of Pleadings (order 20) Bona Fide Purchaser for Value +4 more

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Parties

TTI Global Resources hong kong limited

Plaintiff

hongkong myphone technology co., limited

1st Defendant

multi wise trading limited

2nd Defendant

gold gragon enterprises limited

3rd Defendant

stars trading limited

4th Defendant

Procedural Posture

Civil Unjust Enrichment and Fraud / Appeal From Master's Dismissal of Summary Judgment; Application to Amend Statement of Claim

Legal Issues

  1. 1 Whether plaintiff established entitlement to summary judgment on unjust enrichment
  2. 2 Whether defendants raised a bona fide purchaser for value defence
  3. 3 Whether defendants raised a change of position defence

Ratio Decidendi

Amendment of pleadings was allowed; the defendants failed to raise credible, believable evidence of bona fide purchaser for value or change of position when tested against the incontrovertible background; the currency matching arrangements were unlawful under Mainland law (accepting YR Law Firm opinion and rejecting Sincere Partners' narrow construction); accordingly summary judgment was entered for the plaintiff against the 2nd Defendant for USD 1,602,313.32 and against the 4th Defendant for USD 181,629.32 and USD 4,370.75, and the master’s dismissal was set aside.

Court Disposition

Appeal allowed; master's order set aside; amendment to statement of claim allowed; summary judgment entered for plaintiff against 2nd and 4th Defendants as specified; costs order nisi made.

Orders

  • Amendment of the statement of claim allowed to delete fraud allegations and proceed on unjust enrichment only
  • Summary judgment entered against the 2nd Defendant for the Multi Wise Payments in the sum of USD 1602313.32