15 Oct 2015
LI XIAO YUN AND ANOTHER v. CHINA GAS HOLDINGS LTD
- Citation
- LI XIAO YUN AND ANOTHER v. CHINA GAS HOLDINGS LTD
- Court
- Court of Appeal
- Case number
- CACV215/2013
The Court held Circular 78 and related SAFE controls did not apply to the plaintiffs’ exercise because the transactions were overseas foreign exchange transactions (funds lawfully located and paid in Hong Kong) and the defendant failed to establish the transactions were domestic or cross-border transactions within the Regulations; accordingly the defendant’s defence that the exercises were unlawful under Circular 78 failed, the defendant could not rely on an unpleaded fourth limb of clause 8(g), and the plaintiffs were entitled to the agreed damages awarded.