9 Mar 2005
MAN FONG HANG v. MAN PING NAM AND OTHERS
- Citation
- MAN FONG HANG v. MAN PING NAM AND OTHERS
- Court
- Court of Appeal
- Case number
- CACV104/2004
The managers breached their fiduciary duty by failing to obtain independent valuation, proper marketing or to invite/engage competing offers; the subsequent resale within 17 days at a substantially higher price (adjusted downward by 10% for vacant possession) disclosed the market value the managers should have achieved; causation of loss to the Wui is established and relief under s.60 is refused because the managers failed to prove they acted honestly and reasonably; therefore the appeal is dismissed and equitable compensation and an account of the fund are ordered.