2 Dec 2016
BASAB INC. AND ANOTHER v. SUPERB GLORY HOLDINGS LTD AND OTHERS
- Citation
- BASAB INC. AND ANOTHER v. SUPERB GLORY HOLDINGS LTD AND OTHERS
- Court
- Court of Appeal
- Case number
- CACV256/2014
The Court of Appeal held that the plaintiffs' alleged loss was merely reflective of the loss suffered by Accufit (the company holding the KHL shares) and therefore barred by the no reflective loss principle; the plaintiffs are not bringing claims as secured creditors and the secured-creditor exception does not assist them; the equity of redemption and subrogation arguments do not prevent the rule's application; consequently the judge below was correct to strike out the plaintiffs' claims against the 1st and 2nd defendants and dismiss the action as against them.