16 Oct 2017
DIRECTOR OF LANDS v. PENNY\'S BAY INVESTMENT CO LTD
- Citation
- DIRECTOR OF LANDS v. PENNY\'S BAY INVESTMENT CO LTD
- Court
- Court of Final Appeal
- Case number
- FACV3/2017
The Court held that 'godown purposes' in clause 3(a) of the Grant does not cover mid‑stream or open storage — a 'godown' denotes a building for storage — and that for the 'after' valuation the correct statutory hypothesis is to assume at the valuation date that the reclamation (the cause of loss of marine rights) was certain to occur, such that the market would, for valuation purposes, treat the CT Scheme as bound to proceed; accordingly PBIC's appeal on interpretation was dismissed and the Director's appeal on valuation assumption was allowed.