21 Mar 2001
TULLETT & TOKYO INTERNATIONAL SECURITIES LTD v. APC SECURITIES CO LTD
- Citation
- TULLETT & TOKYO INTERNATIONAL SECURITIES LTD v. APC SECURITIES CO LTD
- Court
- Court of Appeal
- Case number
- CACV201/2000
RS had actual (express and implied) authority to place the two grey‑market trades for Dharmala and Dharmala is liable for the loss; Tulletts acted as principal on a matched principal basis and the transactions fell within the exemption in s.3(1) (and were not within s.3(1A) as acting on behalf of another), so Tulletts did not breach sections 20 or 48; accordingly contracts were enforceable and the appeal is dismissed.