20 Feb 2025
NEWLY RISE INTERNATIONAL LTD v. YANG XIAOQIU AND ANOTHER
- Citation
- [2025] HKCFI 680
- Court
- Court of First Instance
- Case number
- HCA1186/2020
The Court found on the evidence (Madam Wang's credible sworn testimony and documentary evidence) that Ds made the representations and acted in concert; the Refund Provision formed part of the Final Agreement; P relied on the representations and paid HK$13.75m; the acquisition became unviable by 22 November 2018; therefore Ds were contractually obliged to refund P with contractual interest from 29 November 2018 and, separately, the monies were held on a Quistclose trust in favour of P so D1 must account for traceable proceeds. D1's causation defence and counterclaim failed for lack of evidence.