15 Oct 2025
DELCO PARTICIPATION B.V. v. HWH HOLDINGS LTD
- Citation
- [2025] HKCFI 4739
- Court
- Court of First Instance
- Case number
- HCA2943/2015
Court found on the balance of probabilities there was a form of round‑tripping/under‑invoicing that undermined reliance on Delco Asia accounting entries; the majority of the alleged Debts (HKM Metal Debt and Chern Debt and large parts of other asserted sums) were not genuine repayable debts and assignments were ineffective; the 2010 Agreement and Convention were not established; CT did not breach the CB Undertaking as pleaded; Delco proved breach of fiduciary duty by Fang for non‑disclosure of USUM negotiations prior to the January 2015 sale and Delco was entitled to equitable compensation of…