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
- CACV340/2022
On the objective evidence the requisite intention for a Quistclose trust was not established: the transfers were treated in the accounting and corporate structure as inter-company transfers giving rise to receivables/payables, there were no contemporaneous restrictions or segregated trust arrangements clearly preserving beneficial interest in the payer, and the evidence did not prove any enforceable security over US$70,000,000; accordingly the funds belonged beneficially to the 1st defendant and the garnishee order should be made absolute without exclusion.