28 Apr 2017
HONG KONG AGRICULTURAL SPECIAL ZONE LTD v. CHAN OI KUEN
- Citation
- HONG KONG AGRICULTURAL SPECIAL ZONE LTD v. CHAN OI KUEN
- Court
- Court of First Instance
- Case number
- HCA2147/2013
The court found the company to be a quasi‑partnership formed on mutual trust and legitimate expectations that shareholders would participate equally; respondents (Cheng and Lee) unlawfully excluded petitioner, misused company assets, appointed and allowed overpayment to a related Management Company, paid and retained excessive director remuneration and improperly used company funds to commence litigation. Those acts constituted unfair prejudice under section 168A/s.724. The appropriate remedy is a clean break achieved by a share purchase order with valuation as at actual sale date and adjustm…