10 Aug 2009
AKAI HOLDINGS LTD (IN LIQUIDATION) v. THANAKHARN KASIKORN THAI CHAMKAT (MAHACHON) also known as KASIKORNBANK PUBLIC CO LTD
- Citation
- AKAI HOLDINGS LTD (IN LIQUIDATION) v. THANAKHARN KASIKORN THAI CHAMKAT (MAHACHON) also known as KASIKORNBANK PUBLIC CO LTD
- Court
- Court of Appeal
- Case number
- CACV177/2008
The Court allowed the appeal: it found Mr Ting breached his fiduciary duties and lacked actual or implied authority; TFB could not rely on apparent authority because it was put on inquiry and had sought evidence of authority (and the Exco minute was unreliable); accordingly the Switch Transaction could be set aside and TFB was accountable under knowing receipt/constructive trust; judgment entered for Akai for US$22,541,332 with compound interest and costs.