19 Dec 2000
SHENYIN WANGUO SECURITIES (H.K.) LTD. AND ANOTHER v. CHEUNG HUNG
- Citation
- SHENYIN WANGUO SECURITIES (H.K.) LTD. AND ANOTHER v. CHEUNG HUNG
- Court
- Court of First Instance
- Case number
- HCA12802/1998
The Defendant breached contractual and regulatory duties by permitting overtrading and failing to prevent unauthorised bookings by his team; he agreed orally to be primarily responsible for losses and the 1st Plaintiff arranged loans accordingly (Settlement Agreements), and he validly authorised an instruction to withhold part of his commission as security (a supported variation, not procured by duress); the later indemnity signed when collecting pay lacked consideration and privity and is unenforceable as against the 2nd Plaintiff; accordingly judgment for the 1st Plaintiff for the agreed su…