27 Feb 2006
WORLD OCEAN LTD v. LAU HUNG TAT, TIMOTHY
- Citation
- WORLD OCEAN LTD v. LAU HUNG TAT, TIMOTHY
- Court
- Court of First Instance
- Case number
- HCA13805/1996
Documentary and accounting evidence established that the plaintiff advanced $2,250,000 for the benefit of an entity connected to the defendant and that any alleged repayment was made from funds obtained by the plaintiff itself; using company loan funds to discharge a director's personal indebtedness constituted misappropriation in breach of fiduciary duty, entitling the plaintiff to judgment for $2,250,000 with interest and costs; the alleged oral release was not proven and would not bind the plaintiff given concealment and irregularity of accounts.