13 Jul 2018
ETERNAL BILLION INDUSTRIAL LTD v. RCL SEMICONDUCTORS LTD
- Citation
- [2018] HKCFI 1611
- Court
- Court of First Instance
- Case number
- HCA1459/2012
The Court found the 25/5/11 Agreement (clause 3 and attached sales plan) recorded a clear, personal guarantee by Lai Kam Yin to pay any verified shortfall; the Variations excluding TOP and adopting quarterly comparison were proved; there were no implied preconditions necessary to give business efficacy; the AUK payment was arranged by Danny personally (not EB contracting with RCL) and the AUK balance was properly set off; the Formula for converting loans into share transfers was commercially workable; accordingly judgment was entered for RCL/LML against Danny for the reduced shortfall (follow…