29 Jun 2005
NEW WORLD DEVELOPMENT CO LTD AND ANOTHER v. SUN HUNG KAI SECURITIES LTD
- Citation
- NEW WORLD DEVELOPMENT CO LTD AND ANOTHER v. SUN HUNG KAI SECURITIES LTD
- Court
- Court of Appeal
- Case number
- CACV205/2004
The April 1990 oral agreement was legally enforceable: the defendant agreed to take half of the 1st plaintiff's interest and to share in development funding (by equity, shareholders loans and, if necessary, direct contributions); contemporaneous documents and later acknowledgements amounted to admissions preventing limitation; the trial judge's factual findings on liability and quantum were open to and properly made, so the appeal is dismissed save for a limited variation of the interest rate.