12 Apr 2024
IDEMITSU CHEMICALS (HONG KONG) CO. LTD v. YANQING LTD AND OTHERS
- Citation
- [2024] HKCFI 1075
- Court
- Court of First Instance
- Case number
- HCA148/2020
The court found that Idemitsu HK was induced by fraud and therefore established unjust enrichment against Yanqing and Zhigang; Yanqing and Zhigang failed to raise any defences so restitution was ordered. Brilliant One, as an indirect recipient, was likewise liable in unjust enrichment because the claimant had an equitable proprietary interest in the funds, and Brilliant One's change of position defence failed for lack of causation, lack of good faith (failure to inquire, poor corporate governance/KYC) and absence of inequity, so restitution to Idemitsu HK was ordered.