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
- CACV210/2004
The Court upheld the trial judge: the April 1990 oral agreement was binding and imposed on the defendant an obligation to fund its proportionate share (25% of total) of the joint venture financing (equity, rights issue subscription and shareholder loans); earlier claims were not statute-barred because defendant acknowledged the obligation in contemporaneous correspondence; the quantum as found by the judge was open to be accepted and assessed in HKD; the counterclaim alleging breach of authority/trust failed and was dismissed; the appeal was dismissed save for a variation of interest rate for…