13 Dec 2010
FONG AND CHONG v WONG AND FONG SC 75/2010
- Citation
- SC 75/2010
- Court
- Supreme Court
Although the Court acknowledged it misstated the applicants' argument in the earlier leave judgment, the correct result stands: 'fair value' in s 149 is to be understood as a statutory concept of fairness between vendor and purchaser informed by valuation practice, and the Court of Appeal correctly concluded that PwC's fair market valuation did not establish the statutory 'fair value' while Mr Hagen's valuation did and supported no minority discount in the quasi‑partnership context.