Hong Kong Case Law: Decisions & Judgments | LexChat

Topic

Valuation and disclosure

Legal area

Court

30 May 2013

VERON INTERNATIONAL LTD v. RCG HOLDINGS LTD

Citation

VERON INTERNATIONAL LTD v. RCG HOLDINGS LTD
Court

Court of Appeal
Case number

CACV126/2012

The court held that the applicant satisfied the 'proper purpose' requirement under s.152FA because credible inconsistencies between AIM press releases and the Listing Document, absence of evidence explaining those inconsistencies, lack of disclosed verification of distributors' creditworthiness and ultimate owners, and subsequent nominal disposals of the acquired companies together raised a reasonable need to inspect specified company records to investigate whether directors had properly performed due diligence before acquisitions; accordingly the appeal was allowed and a limited inspection o…
6 Jul 2012

TCWF v. LKKS

Citation

TCWF v. LKKS
Court

Court of First Instance
Case number

HCMC5/2008

Judge found D‑Day dispositions and 2006 CLA set aside; the husband is legal and beneficial owner subject to amorphous rights of the father but those contingent rights do not remove assets from account; rejected doctrine of dynastic custodianship; assessed husband’s net worth at HK$6,426.2m and total divisible assets HK$6,505m; applied sharing principle but departed from equal sharing because of the father's extraordinary contribution and rights; fixed wife's share at 20% of total (HK$1,301m), credited her assets HK$79m, leaving net payable HK$1,222m; awarded Duxbury capital HK$215m for wife,…