22 Apr 2020
The MOU was a negotiated compromise; there is no express term making the HK$30,000,000 non‑refundable; pre‑MOU draft deletions and negotiations are inadmissible or, if admissible, unhelpful; on construction and commercial matrix the Subject Sum was earnest money refundable when negotiations failed, accordingly defendant must return HK$30,000,000.
4 Jun 2019
The Court of Appeal dismissed the appeal and upheld the trial judge: the Pledges were not void as irredeemable. Clause 20.2 requires both satisfactory performance of obligations and termination of the IRA for termination of the Pledges; notwithstanding some surviving non‑monetary obligations (including confidentiality), those obligations were either collateral to the mortgage relationship or would in the commercial factual matrix terminate in the ordinary course (given investors' expected exit), and did not render redemption illusory. The Pledgees' subjective judgment is constrained by an imp…
3 Apr 2012
Although the court found there were serious questions to be tried on breach of confidentiality and potential procurement by the 2nd and 3rd Defendants, the applicant's substantial delay (over a year after pleading confidentiality) and the expiry of the 12‑month non‑compete meant the balance of convenience did not favor interim injunctive relief; irreparable harm was not shown to the requisite degree, so the interlocutory injunction was refused.