14 Jul 2005
YIP SHIU CHING AND ANOTHER v. WAH TAT FUNDATION & ENGINEERING LTD AND ANOTHER
- Citation
- YIP SHIU CHING AND ANOTHER v. WAH TAT FUNDATION & ENGINEERING LTD AND ANOTHER
- Court
- Court of First Instance
- Case number
- HCCW176/2003
On the evidence the court found a binding oral profit‑sharing agreement existed (40% to petitioners, 60% to Mr Ng), that Mr Ng diverted Company receipts to related entities and manipulated the bank mandate to exclude joint control, and that his conduct was just and equitable/unfairly prejudicial; the appropriate remedy was ordering purchase of petitioners' shares with valuation reflecting their profit entitlement and adjustment for unpaid share subscriptions.