25 Apr 2017
ELITE DRAGON LTD v. BEL GLOBAL RESOURCES HOLDINGS LTD
- Citation
- ELITE DRAGON LTD v. BEL GLOBAL RESOURCES HOLDINGS LTD
- Court
- Court of First Instance
- Case number
- HCCL8/2014
The BN Statement contained material misrepresentations: shipments 2,5 and 6 were fictitious and shipments 4 and 7 were not from the Mine as defined in the Acquisition Agreement. Clause 3.5 does not render an invalid or non-conforming Draft Quarterly Supply Statement conclusive; the Draft must comply with the definition of Mineral Resources (nickel from the Mine). Stephen knew the BN Statement was false and procured its presentation; Sunny, responsible for mining finance, either knew or was recklessly blind to the falsity and breached fiduciary duties. Consequently BG was entitled to rescind t…