3 Oct 2019
LE v HEMU TRADE CO LIMITED [2019] NZCA 476
- Citation
- [2019] NZCA 476
- Court
- Court of Appeal
The Court accepted the respondents' primary witnesses and contemporaneous internal company accounts as reliable evidence that Wenheng provided the funds for the purchase, creating a resulting trust in Wenheng's favour; the beneficial interest was transferred to Hemu as shown by accounting records and director evidence; fresh evidence was inadmissible; Limitation Act did not bar the equitable claim; on cross-appeal the Court found sufficient evidence that the deposit was reimbursed and therefore the appellant's entire 50% share is held on trust for Hemu.