Read the full judgment text of HCCT 48/2017 on BabelCite. This 高等法院原訟法庭 judgment was delivered on 4 March 2020 before Hon Mimmie Chan J.
Construction and Arbitration Proceedings — beneficial ownership — shares registered in company name — separate legal entity — loan and repayment agreements — genuineness of transactions — enforcement of foreign arbitration award — charging order — evidence credibility and admissions. Applicant obtained arbitration award against W and sought enforcement over shares registered in KD, relating to FB shares. KD claimed beneficial ownership through loan and transfer to Yang. Court applied principles that company is separate legal entity and beneficial ownership vests with company unless rebutted. W’s own admissions in affidavit confirmed beneficial ownership. Loan and repayment agreements between W, KD and Yang found to be sham transactions, lacking credible evidence and contradicted by contemporaneous documents including FB Annual Report. Court held that beneficial interest remained with W and made charging order absolute with costs. No findings on lifting corporate veil were sought or made.
Legal issues: Beneficial ownership of shares registered in a company name · Validity and genuineness of Loan and Repayment Agreements
Outcome: Charging Order Nisi in respect of the Shares is made absolute; beneficial interest vested in W; Loan and Repayment Agreements not genuine.
Cited by 8 cases · Cites 2 cases