25 Feb 2021
CHINA METAL RECYCLING (HOLDINGS) LTD (IN COMPULSORY LIQUIDATION) AND ANOTHER v. CHUN CHI WAI AND OTHERS
- Citation
- [2021] HKCFI 378
- Court
- Court of First Instance
- Case number
- HCA1412/2013
On the evidence (forensic funds tracing, shipping expertise, contemporaneous documents and witness testimony) the court found that a sustained scheme of fictitious transactions and round-robin fund flows was orchestrated and controlled by Chun and Lai; both knowingly participated and breached fiduciary duties; the Dividends (HK$672.9m) were unlawfully paid or flowed from breaches and must be disgorged; the June/July 2013 transfers (HK$1.96088798444bn) were unauthorized misapplications of Central Steel’s assets; Cheung Fat and Wellrun are liable for dishonest assistance and knowing receipt/con…