Hong Kong Case Law: Decisions & Judgments | LexChat

Topic

Restitution under prc law

Legal area

Court

15 Aug 2023

FIRST LASER LTD v. FUJIAN ENTERPRISES (HOLDINGS) CO LTD AND ANOTHER

Citation

[2023] HKCA 961
Court

Court of Appeal
Case number

CACV97/2020

The court refused leave to appeal because the questions raised were fact-sensitive, not of great public importance, and/or raised issues not argued below; the Court of Appeal's conclusion that restitution was confined to return of the purchase price (HK$24,640,000) was upheld as the correct legal approach where the found void contract was the First Laser Agreement and the judge's finding of a separate nominee investment contract lacked evidential support.
8 Apr 2020

FIRST LASER LTD v. FUJIAN ENTERPRISES (HOLDINGS) CO LTD AND ANOTHER

Citation

[2020] HKCFI 495
Court

Court of First Instance
Case number

HCA4414/2001

On the remitted issue the court found that, on the factual matrix (the 1996 agreements, the 1998 memorandum and the parties' conduct), a collateral nominee investment relationship by conduct existed between First Laser (actual investor) and FEHC (nominee shareholder). That void nominee investment contract gave First Laser a PRC-law restitution remedy under Article 18: return of its investment money and a reasonable distribution of the enhancement in value (fruits including dividends and capital growth) measured by the equity value at sale (JDS US$60m). The court adjusted the distribution rati…