28 Apr 2017
CHOI CHI WAI v. HONG KONG AGRICULTURAL SPECIAL ZONE LTD AND OTHERS
- Citation
- CHOI CHI WAI v. HONG KONG AGRICULTURAL SPECIAL ZONE LTD AND OTHERS
- Court
- Court of First Instance
- Case number
- HCA126/2013
The Court found the company was a quasi‑partnership formed on mutual trust and understanding; Cheng and Lee unlawfully and unfairly excluded Choi from management, misused company funds, appointed a related Management Company which was unjustified and overpaid, and paid excessive directors’ remuneration. The exclusions and conduct amounted to unfair prejudice under the Companies Ordinance. The proper remedy is a clean break by way of a share purchase order with valuation as a going concern at the actual date of sale, adjustments to value to reflect repayments and losses caused by Cheng and Lee…