16 Jul 2012
ASPIAL INVESTMENT LTD AND ANOTHER v. MAYER CORPORATION DEVELOPMENT INTERNATIONAL LTD
- Citation
- ASPIAL INVESTMENT LTD AND ANOTHER v. MAYER CORPORATION DEVELOPMENT INTERNATIONAL LTD
- Court
- Court of First Instance
- Case number
- HCA238/2012
On the balance of probabilities the court found that Lai on behalf of Mayer BVI and Lam on behalf of Capital Wealth entered an oral agreement authorising Lam to sell Mayer BVI shares; the 19 June 2009 Custodian Agreement was effectively varied by a subsequent oral agreement on 24 June 2009 by which monies were released and Capital Wealth obtained the right and physical certificates to sell; AFIL's release did not, in those circumstances, breach trust in a manner that entitles Mayer BVI to recover the shares; accordingly Aspial and Bumper acquired title and are entitled to registration.