19 Mar 2013
SINO-PANEL TRADING LTD AND ANOTHER v. GUANGXI XUNXIANG WOOD IMPORT AND EXPORT LTD
- Citation
- SINO-PANEL TRADING LTD AND ANOTHER v. GUANGXI XUNXIANG WOOD IMPORT AND EXPORT LTD
- Court
- Court of First Instance
- Case number
- HCMP1698/2012
Applications refused because respondent's evidential case that part of the frozen funds belonged to a distinct Hong Kong company was unconvincing and unsupported by adequate documentary evidence; payment of the asserted profits tax did not qualify as an ordinary business expense justifying variation of a Mareva injunction; and respondent (through Mr Li) had substantial assets outside the injunction which should be used first, so the court exercised its discretion against release of funds.