18 Sept 2009
HERBERT EQUITIES LTD V MAMFREDOS & ORS HC AK CIV-2005-404-003679
- Citation
- openlaw-58ab0b8f_d703_44e7_88b9_57b49b1709a8.pdf
- Court
- High Court
The Court found on the evidence that Herbert Equities paid monies for a specified purpose which the defendants knowingly misapplied for personal use; equitable remedies follow. The defendants are liable to repay the sums with compound interest because fraud was proven and part of the funds were used for a commercial property investment; a constructive trust and tracing claim entitled HEL to 28% of the amalgamated Brookby Road property; permanent injunctive relief was necessary to prevent threatened improper appointment of a receiver; security for costs was to be released given the successful…