7 Nov 2019
GAM KIMURA COMMODITY TRADE FINANCE FUND LTD (formerly known as Kimura Master Fund Limited) v. SHENZHEN FEIMA INTERNATIONAL SUPPLY CHAIN CO, LTD
- Citation
- [2019] HKCFI 2780
- Court
- Court of First Instance
- Case number
- HCA2609/2018
The proposed defences (past consideration and lack of authority) were incapable of being believed and not arguable: the Guarantee formed part of a single contemporaneous transaction so past consideration pleaded was implausible, and the authority challenge was contradicted by the defendant's public disclosures and by the absence of any prior allegation of lack of authority; accordingly summary judgment was appropriate and the amendment sought was dismissed; costs were awarded to the plaintiff on an indemnity basis in accordance with the parties' agreement and judicial discretion.