12 Jul 2024
CHAN KON FUNG v. GALLOP PIONEER LTD AND OTHERS
- Citation
- [2024] HKCFI 1766
- Court
- Court of First Instance
- Case number
- HCA1357/2011
The court held that under the JV Agreement and consistent post‑contract conduct PRCYT's AUD16.3m constituted a shareholder's loan recorded in HKYT's accounts and should have been booked as a liability owed to PRCYT; HKPS breached the JV Agreement by failing to maintain that booking; PRCYT's claims for fiduciary duties against HKPS and HKYT failed (contractual basis and PRC law); Gallop established negligent misrepresentation as to the quantum of shareholder loans and was entitled to set-off (including the AUD16.3m and agreed small payables) against Chan's Receivables; accordingly the court de…