7 May 1992
SUN HUNG KAI INVESTMENT SERVICES LTD. AND ANOTHER v. FUNG TAK SING
- Citation
- SUN HUNG KAI INVESTMENT SERVICES LTD. AND ANOTHER v. FUNG TAK SING
- Court
- Court of Appeal
- Case number
- CACV186/1991
Defendant authorised the bank to buy shares and the bank, as his agent, validly appointed the brokers as sub-agent thereby creating direct privity between the defendant and the brokers; accordingly the defendant is liable to reimburse and indemnify the plaintiffs for the net loss on the shares (purchase price less sale proceeds) of HKD 177,322.59; the withdrawn fraud allegation could not be revived without amending pleadings and such attempt constitutes abuse of process; the trial judge's refusal to award costs is substituted and the defendant ordered to pay costs.