Hong Kong Case Law: Decisions & Judgments | LexChat

Topic

Stop-loss orders

Legal area

Court

7 Jun 1995

MICHAEL ERIC ALEXANDER BOS MAK v. WOCOM COMMODITIES LTD

Citation

MICHAEL ERIC ALEXANDER BOS MAK v. WOCOM COMMODITIES LTD
Court

Court of Appeal
Case number

CACV139/1994

The Court upheld the trial judge's factual finding that the appellant knew and consented to Wocom acting as principal in spot forex dealings because the weight of witness evidence, the appellant's conduct in the trading room, taped conversations and surrounding circumstances supported the finding and no objective document or glaring improbability showed the judge was wrong; appellate interference was therefore unwarranted.
21 Jun 1994

Michael Eric Alexander Bos Mak v. Wocom Commodities Ltd. and Others

Citation

Michael Eric Alexander Bos Mak v. Wocom Commodities Ltd. and Others
Court

Court of First Instance
Case number

HCCL19/1991

On the facts and credibility findings the court held there was no stop/loss order given at the Sheraton; the $1.8020 "or better" limit was placed and subsequently cancelled by the plaintiff; the $1.8100 bid order placed at 14:50/14:51 was given with plaintiff's authorisation; the 1st Defendant acted as principal in spot foreign exchange and the plaintiff was aware of that trading arrangement; accordingly the plaintiff's claims (including rescission/secret profits) fail and the 1st Defendant succeeds on its counterclaim for the outstanding indebtedness and interest.