20 Apr 2011
RE LEHMAN BROTHERS SECURITIES ASIA LTD (in liquidation)
- Citation
- RE LEHMAN BROTHERS SECURITIES ASIA LTD (in liquidation)
- Court
- Court of First Instance
- Case number
- HCCW437/2008
On the evidence the Shares were purchased with Goddard's funds and held by LBSAL on trust directly for Goddard; the Liquidators failed to show any credible basis for LBCCA having been interposed or for a valid security under clause 3; Liquidators are entitled to be paid out of the trust assets only for work reasonably and necessarily performed in the interest of the beneficiary and not for investigations or steps pursuing adverse interests; accordingly the Shares must be returned to Goddard subject to security for limited administration and custodian fees (HK$1,500,000 and US$250,000).