23 Jan 2014
SECURITIES AND FUTURES COMMISSION v. QUNXING PAPER HOLDINGS COMPANY LTD AND ANOTHER
- Citation
- SECURITIES AND FUTURES COMMISSION v. QUNXING PAPER HOLDINGS COMPANY LTD AND ANOTHER
- Court
- Court of First Instance
- Case number
- HCA2428/2013
The court held the plaintiff’s claim is primarily for monetary compensation (not quasi‑proprietary) and applied the ordinary Mareva variation test: balancing the defendants’ need for funds against prospects of prejudicing a future judgment. Because substantial PRC subsidiary funds existed but could not be made available in the short term, and because the sums sought were modest relative to frozen assets, the court permitted limited withdrawals and monthly payments for ordinary business and legal expenses limited to the period up to end April 2014, with specified caps.