7 Jun 2007
KAO, LEE & YIP (a firm) v. DONALD KOO HOI YAN AND OTHERS
- Citation
- KAO, LEE & YIP (a firm) v. DONALD KOO HOI YAN AND OTHERS
- Court
- Court of First Instance
- Case number
- HCA8847/1993
The defendant (Mr Koo) must account for KP's profits from BOC work during the Accounting Period; where records are missing the court may favour the beneficiary but must act reasonably; donations and profits tax paid by KP are not deductible from accountable profits; only apportioned amounts of set‑up costs and loan interest linked to the Accounting Period are deductible (set‑up $46,000; loan interest approx $42,000); partners' time attributable to the period is quantified at $3,924,000; interest is to be compounded annually at 1% above HKD prime but with no interest for 1 April 1997–31 March…