18 Apr 2019
XU LIU CHUN v. WU CHANG JIANG AND ANOTHER
- Citation
- [2019] HKCA 355
- Court
- Court of Appeal
- Case number
- CACV380/2018
The Court dismissed the appeal and cross‑appeal: the judge correctly found no misappropriation of the US$9.2 million and that payments were made with the knowledge and consent of the only two shareholders/directors, so the sum could not be treated as a company asset for valuation; Wu failed to prove a resulting trust over Xu's 40% shareholding and consequently Xu is the beneficial owner of 40%; therefore no reinstatement of US$9.2 million in valuation and cross‑appeal fails.