15 Nov 2006
WAN KWOK LING BONNIE AND ANOTHER v. HOU TAK SECURITIES LTD AND ANOTHER
- Citation
- WAN KWOK LING BONNIE AND ANOTHER v. HOU TAK SECURITIES LTD AND ANOTHER
- Court
- District Court
- Case number
- DCCJ1437/2004
Court held Hou Tak vicariously liable for Miss Chan's fraud because Chan acted as an account executive/settlement clerk held out with actual or ostensible authority, used company stationery, contract notes and company systems, and Hou Tak's systemic failure to supervise and maintain internal controls (as found by the SFC and PwC) made it just to place loss on the employer; Hou Tak was also negligent for failing to implement and enforce proper account opening and segregation of duties; the 2nd Plaintiff's claim failed for lack of standing as the account and dealings were in the 1st Plaintiff's…