15 Dec 2018
ACHIEVE GOAL HOLDINGS LTD v. ZHONG XIN ORE-MATERIAL HOLDING CO LTD
- Citation
- [2018] HKCFI 2718
- Court
- Court of First Instance
- Case number
- HCA1987/2005
On construction the court held Angola’s obligation under the JV Agreement was to arrange/procure finance (not to make direct cash injection). Angola’s procurement of the HK$20m loan constituted performance but was late; Bai Jun’s purported termination on 22 June 2005 was invalid and Angola validly terminated later; consequences of breach did not include restitution of Angola’s 50% shares in Zhong Xin — only contractual remedies applied. Angola was ordered to pay the net balance of RMB1,000,000 (RMB3m due less RMB2m liquidated damages). The Settlement Agreement was found to be backdated and ex…