Hong Kong Case Law: Decisions & Judgments | LexChat

Topic

Foreign exchange control

Legal area

Court

20 Feb 2024

CAO SHUHUI v. DACHENG GROUP HOLDINGS (HONG KONG) CO LTD AND ANOTHER

Citation

[2024] HKCFI 284
Court

Court of First Instance
Case number

HCMP587/2023

The court held the Plaintiff raised serious issues to be tried: material concerns existed about the valuation reports (possible ex post facto preparation and undervaluation), unexplained disposal of the company’s sole asset leaving the company assetless, deficiencies in evidence about custody and remittance of the sale proceeds, and disputed signatures on transaction documents. On that basis and applying the low threshold for leave, the court granted leave to commence the derivative action against Mr Gao. The court refused leave to sue Henan Shi Shang in Hong Kong because the share transfer a…
30 Jan 2009

WU WEI v. LIU YI PING

Citation

WU WEI v. LIU YI PING
Court

Court of First Instance
Case number

HCA1452/2004

Because unexplained pre‑discharge breaches of the HK Injunction Order and missing funds gave rise to a real risk of dissipation, and because the PRC Judgment could not be treated as conclusively final for the present interlocutory purpose, the balance of risk favored preservation of assets; the court therefore ordered the Defendant to pay into court USD150,000 (the sum she admittedly still held) with time to comply to allow for PRC foreign exchange procedures and liberty to apply.