20 Dec 2013
SECURITIES AND FUTURES COMMISSION v. QUNXING PAPER HOLDINGS COMPANY LTD AND ANOTHER
- Citation
- SECURITIES AND FUTURES COMMISSION v. QUNXING PAPER HOLDINGS COMPANY LTD AND ANOTHER
- Court
- Court of First Instance
- Case number
- HCA2428/2013
The court found the SFC's claim to be compensatory rather than proprietary; the defendants failed to prove that ordinary trading expenses were customarily paid from the known frozen Hong Kong accounts or that they had no other assets available; accordingly the court refused to permit release of frozen assets for ordinary trading expenses but allowed an interim release of HK$500,000 for legal expenses to enable compliance with disclosure and preparation, subject to fuller disclosure and further application.