25 Jun 2021
SECURITIES AND FUTURES COMMISSION v. WONG WAI KWONG DAVID AND OTHERS
- Citation
- [2021] HKCA 897
- Court
- Court of Appeal
- Case number
- CACV150/2020
The Court of Appeal held the trial judge erred in exercising his discretion by failing to apply the correct legal principles and facts: the HK$622 million loss was readily ascertainable, causation was established under the fiduciary "but for" test, the liquidators would not practically pursue separate proceedings and supported a compensation order, and therefore the appeal is allowed and a compensation order for HK$622 million plus interest and costs should be made against the 1st to 3rd respondents jointly and severally.