16 May 2016
PENNY\'S BAY INVESTMENT CO LTD v. DIRECTOR OF LANDS
- Citation
- PENNY\'S BAY INVESTMENT CO LTD v. DIRECTOR OF LANDS
- Court
- Court of Appeal
- Case number
- CACV13/2015
Court held that (1) the FSRO legal assumption that reclamation is to be treated as having occurred on the authorization date is a legal fiction for accrual but does not change real‑world market expectations or permit divergent uncertainty treatments between before/with‑marine and after/without‑marine valuations; (2) the same public, prevailing market expectations at the valuation date must inform both valuations and the uncertainty/risk factor must be applied consistently; (3) mid‑stream open container storage is not a 'godown' under Special Condition 3(a) which requires a warehouse/building;…