23 Jan 2008
THE BANK OF EAST ASIA, LTD v. LABOUR BUILDINGS LTD AND OTHERS
- Citation
- THE BANK OF EAST ASIA, LTD v. LABOUR BUILDINGS LTD AND OTHERS
- Court
- Court of First Instance
- Case number
- HCMP769/2002
On the evidence the court found no operative Kuomintang-driven impropriety, the 1997 Debenture issues were validated by a properly constituted EGM of 26 November 1997, the 1999 Debenture was enforceable despite a wrongly dated board minute (forgery not proved on the requisite civil standard), there was no proven misappropriation nor dishonest assistance by the bank or its officers, and the bank was entitled to rely on Turquand and on the members' ratification; accordingly plaintiff's claim for the debt under the 1999 Debenture succeeded and the defendants' counterclaims were dismissed.