10 Jul 2006
NEW WORLD DEVELOPMENT CO LTD AND ANOTHER v. SUN HUNG KAI SECURITIES LTD
- Citation
- NEW WORLD DEVELOPMENT CO LTD AND ANOTHER v. SUN HUNG KAI SECURITIES LTD
- Court
- Court of Final Appeal
- Case number
- FACV18/2005
The Court upheld the factual findings that a concluded commercial oral contract existed obliging SHKS to contribute proportionately to NWD's joint venture payments; rejected arguments of lack of intention, uncertainty and a limited obligation; held the Dew letter amounted to a sufficient written acknowledgment under s 23(3) Limitation Ordinance thereby defeating limitation; upheld the quantum save for a conceded adjustment of HK$629,448.15; and confirmed the judge's interest assessment subject to specified modifications.