9 Apr 2024
EXCEL COURAGE HOLDINGS LTD v. SETO MING WAI AND ANOTHER
- Citation
- [2024] HKCFI 984
- Court
- Court of First Instance
- Case number
- HCA1976/2016
Court found CLC breached duty by opening and operating the account without a compliant up-to-date COI (deficient due diligence) but that breach did not causally produce the plaintiff’s loss. The Quincecare duty and dishonest assistance were not made out because the facts known to CLC did not, on balance, present a serious or real possibility of misappropriation that would have required CLC to refuse execution. Causation and remoteness arguments favoured defendants (Wong could have transferred from Fulbright); illegality defence was not available on pleaded facts; contributory misconduct by th…