26 Oct 2023
ICBC INTERNATIONAL WEALTH INVESTMENT LTD v. ROLLCASH INVESTMENTS LTD
- Citation
- [2023] HKCFI 2585
- Court
- Court of First Instance
- Case number
- HCA892/2017
Clause 4.1 of the Deed indemnifies Taxes that are a result of the consummation of the Exercise and requires no sole or proximate causation; the Tax Liability assessed by the IRD was a result of the Exercise; the Defendant did not establish the proposed implied terms; accordingly the Defendant is liable to indemnify the Plaintiff for the assessed profits tax of HK$28,860,875; the Plaintiff's BVI costs were not shown to be reasonably incurred and are not recoverable on the evidence before the Court.