15 Jan 1994
EXTRAMONEY LTD AND ANOTHER v. CHAN, LAI PANG & CO (a firm)
- Citation
- EXTRAMONEY LTD AND ANOTHER v. CHAN, LAI PANG & CO (a firm)
- Court
- Court of First Instance
- Case number
- HCA8437/1987
Court found on balance that the Disputed Profit was generated as a matter of fact but not by Extramoney; auditors (defendants) breached contractual, statutory and professional duties by failing to obtain adequate independent verification and issuing unqualified reports; despite liability for breach, plaintiffs failed to prove causation of any loss caused by auditors (control and decisions were those of Mr Tan, the 100% controller) and thus only nominal damages (HK$1) awarded; counterclaim dismissed and no declaratory relief against Commissioner granted due to statutory tax appeal scheme.