26 May 2008
AKAI HOLDINGS LTD (IN LIQUIDATION) v. THANAKHARN KASIKORN THAI CHAMKAT (MAHACHON)
- Citation
- AKAI HOLDINGS LTD (IN LIQUIDATION) v. THANAKHARN KASIKORN THAI CHAMKAT (MAHACHON)
- Court
- Court of First Instance
- Case number
- HCCL59/2004
Although Mr Ting acted in breach of fiduciary duty in procuring Akai to assume Singer's indebtedness, the defendant bank did not have actual knowledge and reasonably relied upon Ting's apparent authority; the bank therefore is not liable in knowing receipt or knowing assistance and the Loan Agreement and Share Pledge Agreement are valid and enforceable, entitling the bank to retain sale proceeds and to prove its adjudicated claim.