14 Feb 2014
SANCTUARY SYSTEMS LTD v. ORIENT INTERNATIONAL HOLDINGS HONG KONG CO LTD AND ANOTHER
- Citation
- SANCTUARY SYSTEMS LTD v. ORIENT INTERNATIONAL HOLDINGS HONG KONG CO LTD AND ANOTHER
- Court
- Court of First Instance
- Case number
- HCA479/2010
The court found SSL had advanced the funds as an advance to Shanghai Cosco (not as purchaser), the common intention was that Shanghai Cosco should not have free disposal of the funds such that a Quistclose trust arose as between SSL and Shanghai Cosco; Orient SHG and Orient HK did not have knowledge of the Purpose when they received and disbursed funds but acquired knowledge by the proceedings, so Orient HK must account and return the balance US$404,578.68 held on Quistclose trust, and the 2nd defendant, having knowledge via Mr James Xu in relation to the US$700,000, must account and repay th…