27 Apr 2017
MCALISTER v LAI [2017] NZHC 791
- Citation
- [2017] NZHC 791
- Court
- High Court
The court held that (1) Mr Hurst's representations about there being $6m (and $8.5m including VNL) equity were misleading or had the capacity to mislead under s 9; (2) Mr Lai, by using the $8.5m figure in calculating the convertible note and failing to clarify the true nature of the CPE funding, contributed to the misleading conduct and this caused the plaintiff's loss; but (3) the plaintiff failed to prove on the balance of probabilities that Mr Lai was 'knowingly concerned' in a contravention for the purposes of s 43(1)(d); accordingly the court exercised its discretion not to grant a remed…