27 Jan 2021
CHUNG PUI TAK AND ANOTHER v. TAM CHI LEUNG NOLAN AND ANOTHER
- Citation
- [2021] HKCFI 242
- Court
- Court of First Instance
- Case number
- HCA1439/2012
On the evidence the court found the JV Agreement—rather than an Option Agreement—included the term that P1 held a 40% beneficial interest in D2 (trust), and P1 had made initial capital payments accordingly; D1, as director and controlling participant, owed fiduciary duties to P2 (given P2’s role as pocket/agent for the joint venture) and breached those duties by entering undisclosed conflicted related‑party dealings and by failing to produce or satisfactorily explain accounting records for management fees, subcontracting fees, transportation payments, supplier invoices, cash withdrawals, two…