27 Jun 2019
MARYO DEVELOPMENT LTD v. TSANG YAU MAY
- Citation
- [2019] HKCFI 1620
- Court
- Court of First Instance
- Case number
- HCA271/2013
The court found, on the totality of contemporaneous documents, conduct and credible expert valuation, that D1, D2 and D3 conspired to defraud Maryo by causing payment of HK$10,130,000 for jade whose wholesale market value in July 2011 was about HK$219,938–HK$286,875; accordingly the SPA and transaction were void ab initio, restitution was ordered (outstanding HK$2,309,989.30 payable jointly and severally by D1–D3 plus interest), D1 and D2 must repay unauthorised directors' remuneration with interest, and defendants' counterclaims were dismissed.