15 Oct 2025
DELCO PARTICIPATION B.V. v. CHIHO ENVIRONMENTAL GROUP LTD (formerly known as CHIHO-TIANDE GROUP LTD) AND OTHERS
- Citation
- [2025] HKCFI 4739
- Court
- Court of First Instance
- Case number
- HCA2939/2016
On the balance of probabilities the Court found systematic under-invoicing and round-tripping sufficient to discredit major parts of the alleged cross-debts (HKM Metal and Chern debts) and concluded assignments were ineffective; Fang assumed fiduciary duties when he undertook to find buyers and possessed material non-disclosed information about USUM's investment, breached those duties by non-disclosure, causally leading to Delco receiving a depressed sale price; Delco entitled to equitable compensation (market-based assessment); CT's CB Undertaking did not impose an obligation to procure a pu…