14 Mar 2008
PINE ENTERPRISES LTD v. LECTURE KIT CO LTD AND ANOTHER
- Citation
- PINE ENTERPRISES LTD v. LECTURE KIT CO LTD AND ANOTHER
- Court
- Court of First Instance
- Case number
- HCCW593/2005
The court accepted plaintiff's factual case: CIDST had not occupied the Campus before 12 April 2003; Edward Woo waived director's loans in excess of HK$53,547,843 so the condition precedent was satisfied; PRC law permits mortgage of the Campus; on construction of clause 5.2 and surrounding commercial context the deposit of 510,002 shares with a custodian created an equitable charge in favour of Pine securing the repurchase payment and convertible note; therefore defendants' rescission/inducement defences fail and plaintiff succeeds on its monetary claims and declaration of charge; indemnity c…