17 Jan 2020
ACHIEVE GOAL HOLDINGS LTD v. ZHONG XIN ORE-MATERIAL HOLDING CO LTD
- Citation
- [2020] HKCA 51
- Court
- Court of Appeal
- Case number
- CACV6/2019
On proper construction clause 1.2 required Angola to inject funds (US$ equivalent to RMB50m) into Zhong Xin. Angola failed to perform that contractual obligation (procurement of a loan was not the contractual equivalent of direct injection) and repudiatorily breached the JV Agreement. Bai Jun validly terminated the JV Agreement on 22 June 2005. There was a total failure of consideration for the transfer of Angola's 50% shareholding and Bai Jun is entitled to a declaration and order for transfer of the 50% shareholding to it. The Settlement Agreement was held invalid for lack of authority/back…