Read the full judgment text of CACV 000200/1994 on BabelCite. This Court of Appeal judgment was delivered on 23 December 1994.
1. In an asset swap transaction, the 1st defendant (D1) acquired shares from the plaintiff ("AIPL") at half of their quoted value. D1 lent AIPL money to be repaid by instalments followed by an option to re-purchase the shares. The price of the shares rose dramatically. According to AIPL, D1 dishonestly repudiated the agreement on a pretext to prevent AIPL from re-purchasing the shares. D1 then sold them and (it is said) pocketed the proceeds.