3 Feb 2025
VPOWER GROUP INTERNATIONAL HOLDINGS LTD v. CRRC HONG KONG CAPITAL MANAGEMENT CO LTD
- Citation
- [2025] HKCFI 551
- Court
- Court of First Instance
- Case number
- HCMP1552/2024
The applicants failed to adducesufficient credible evidence that the finance lease agreements were sham loan arrangements; contemporaneous documents and commercial rationale establish genuine sale and leaseback and MLO is not engaged (and in any event exemptions apply); the 2022 Payment Undertaking created joint obligations and the Guarantee expressly preserved D's rights against variations; accordingly there is no bona fide defence amounting to abuse of process and the injunctions must be dismissed.