10 Aug 2023
CHINA LIFE TRUSTEES LTD v. CHINA ENERGY RESERVE AND CHEMICALS GROUP OVERSEAS CO LTD AND ANOTHER
- Citation
- [2023] HKCA 966
- Court
- Court of Appeal
- Case number
- CACV346/2022
On the objective evidence, the US$120m was not impressed with a Quistclose trust: there were no objective terms or communications imposing a restriction or retention of beneficial interest, the accounting treated the transfers as intercompany receivables/payables indicating beneficial ownership by the 1st defendant, and there was no reliable evidence that US$70m was charged as security; accordingly the garnishee order should be made absolute in respect of the entire balance.