14 Jun 2024
CHINA ENERGY RESERVE AND CHEMICALS GROUP OVERSEAS COMPANY LIMITED v. CHINA LIFE TRUSTEES LIMITED
- Citation
- [2024] HKCFA 15
- Court
- Court of Final Appeal
- Case number
- FACV10/2023
The Court held that an objective intention that funds shall be applied only for a specified purpose and not be at the transferee’s free disposal is sufficient to create a Quistclose trust; parties need not have expressly intended or stated that the transferor retain a beneficial interest. Intra-group common control does not preclude such an inference. On the facts the US$120 million was impressed with a Quistclose trust and the garnishee order was wrongly made.