16 Jun 2021
GOLDBAY FORTIS LTD v. RICH RESOURCE DEVELOPMENT LTD
- Citation
- [2021] HKCFI 1684
- Court
- Court of First Instance
- Case number
- HCA2449/2013
The Memorandum of 12 September 2013 created a valid and enforceable preemptive right supported by consideration and subject to implied terms (including duties of good faith and best endeavours not to deprive the grantee); Rich Resource wrongfully repudiated the Memorandum by terminating before the objectively ascertained Deadlock Stage and in bad faith and had entered a binding memorandum with High Peace before termination; Asia Allied (Chun Wo) procured that breach and is jointly and severally liable with Rich Resource; damages for Goldbay Fortis were assessed at HK$164.01 million; countercl…