10 Aug 2023
CHINA LIFE TRUSTEES LTD v. CHINA ENERGY RESERVE AND CHEMICALS GROUP OVERSEAS CO LTD AND ANOTHER
- Citation
- [2023] HKCA 966
- Court
- Court of Appeal
- Case number
- CACV337/2022
Objective evidence (banking and accounting entries, contemporaneous communications and the corporate group structure) showed the US$120m was treated as inter-company transfers and beneficially owned by the 1st defendant; there was no objective indication Trading retained beneficial interest or control to found a Quistclose trust; no security interest over the US$70m was established; accordingly the garnishee order should be made absolute without excluding the US$70m.