Hong Kong Case Law: Decisions & Judgments | LexChat

Hong Kong Case Law

Interim dividend

  • 8 May 2008

    CHAN SUM TAI AND OTHERS v. CHAN SHIU KAU ANTHONY AND OTHERS

    Citation
    CHAN SUM TAI AND OTHERS v. CHAN SHIU KAU ANTHONY AND OTHERS
    Court
    Court of First Instance
    Case number
    HCCW373/2007

    The court validated the interim special dividend of HK$102,000,000 because directors had authority and reasons an intelligent honest man could hold; validated only specified ledger amounts recorded as dividends since 2001 for four shareholders (total HK$605,455.90) because post‑2001 entries identified as dividends were provable; declined to validate pre‑2001 deposits, interest, director's bonuses or other amounts due to insufficient evidence and legal rule that unclaimed dividends do not bear interest and are not treated as debts without clear conversion to loan.

  • 3 Feb 1986

    OVERSEAS TRUST BANK LIMITED v. MANDAM CHANG LEE SIAN AND OTHERS

    Citation
    OVERSEAS TRUST BANK LIMITED v. MANDAM CHANG LEE SIAN AND OTHERS
    Court
    Court of First Instance
    Case number
    HCA3780/1985

    The court found a good arguable case that the 1st Defendant, by virtue of her executive positions and surrounding circumstances, participated in breaches of fiduciary duty and negligence; a good arguable case existed against the 2nd Defendant limited to the declaration of the interim dividend; there was a real risk both would dissipate liquid assets given their connections and residence abroad, and therefore Mareva injunctions and disclosure orders limited to assets within the jurisdiction and sums sufficient to cover the claims were justified.