Case Document

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HCMP 1452/2020

[2021] HKCFI 2950

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

MISCELLANEOUS PROCEEDINGS NO 1452 OF 2020

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IN THE MATTER of Order 88 of the Rules of the High Court, Cap. 4A;

AND IN THE MATTER of the property known as Flat 3 on 5^th Floor (together with the Roof B3 appertaining thereto) of Block B and Car Parking Space No. 17 on the Lower Ground Floor, Billion Terrace, Nos. 137-139 Blue Pool Road, Hong Kong;

AND IN THE MATTER of the property known as Office No. 8 on 17^th Floor of Tower II, Admiralty Centre, No. 18 Harcourt Road, Hong Kong;

AND IN THE MATTER of the property known as Flat B on 31^st Floor and Car Parking Space No. 17 on the 1^st Basement Floor, The Colonnade, No. 152 Tai Hang Road, Hong Kong;

AND IN THE MATTER of the property comprised in a Mortgage dated 2 December 2005 made between (i) the Mortgagor GRACEWOOD INTERNATIONAL LIMITED (佳豪國際有限公司); (ii) the Borrowers GNT OIL COMPANY LIMITED and GRACEWOOD INTERNATIONAL LIMITED (佳豪國際有限公司); and (iii) the Lender UNITED OVERSEAS BANK LIMITED (incorporated in Singapore with limited liability) (大華銀行有限公司 (於新加坡註冊成立的有限公司)) and registered in the Land Registry by Memorial No. 05120501650030;

AND IN THE MATTER of the property comprised in a Mortgage dated 2 December 2005 made between (i) the Mortgagor GNT OIL COMPANY LIMITED; (ii) the Borrowers GNT OIL COMPANY LIMITED and GRACEWOOD INTERNATIONAL LIMITED (佳豪國際有限公司); and (iii) the Lender UNITED OVERSEAS BANK LIMITED (incorporated in Singapore with limited liability) (大華銀行有限公司 (於新加坡註冊成立的有限公司)) and registered in the Land Registry by Memorial No. 05120501650029;

AND IN THE MATTER of the property comprised in a Mortgage dated 26 May 2016 made between (i) the Mortgagor GRACEWOOD INTERNATIONAL LIMITED (佳豪國際有限公司); (ii) the Borrowers GRACEWOOD INTERNATIONAL LIMITED (佳豪國際有限公司) and GNT OIL COMPANY LIMITED; and (iii) the Lender UNITED OVERSEAS BANK LIMITED (incorporated in Singapore with limited liability) (大華銀行有限公司 (於新加坡註冊成立的有限公司)) and registered in the Land Registry by Memorial No. 16062100740020;

AND IN THE MATTER of the property comprised in a Further Charge dated 6 April 2011 made between (i) the Mortgagor GRACEWOOD INTERNATIONAL LIMITED (佳豪國際有限公司); (ii) the Borrowers GNT OIL COMPANY LIMITED, GRACEWOOD INTERNATIONAL LIMITED (佳豪國際有限公司) and GRACEWOOD PETROLEUM (SINGAPORE) PTE. LTD.; and (iii) the Lender UNITED OVERSEAS BANK LIMITED (incorporated in Singapore with limited liability) (大華銀行有限公司 (於新加坡註冊成立的有限公司)) and registered in the Land Registry by Memorial No. 11041401810056;

AND IN THE MATTER of the property comprised in a Further Charge dated 6 April 2011 made between (i) the Mortgagor GNT OIL COMPANY LIMITED; (ii) the Borrowers GNT OIL COMPANY LIMITED, GRACEWOOD INTERNATIONAL LIMITED (佳豪國際有限公司) and GRACEWOOD PETROLEUM (SINGAPORE) PTE. LTD.; and (iii) the Lender UNITED OVERSEAS BANK LIMITED (incorporated in Singapore with limited liability) (大華銀行有限公司 (於新加坡註冊成立的有限公司)) and registered in the Land Registry by Memorial No. 11041401810046;

AND IN THE MATTER of a Letter of Guarantee dated 1 April 2014 executed by GRACEWOOD INTERNATIONAL LIMITED (佳豪國際有限公司) in favour of UNITED OVERSEAS BANK LIMITED (incorporated in Singapore with limited liability) (大華銀行有限公司 (於新加坡註冊成立的有限公司)) to secure the indebtedness owed due and/or payable by GNT OIL COMP ANY LIMITED and GRACEWOOD PETROLEUM (SINGAPORE) PTE. LTD. to UNITED OVERSEAS BANK LIMITED (incorporated in Singapore with limited liability) (大華銀行有限公司 (於新加坡註冊成立的有限公司));

AND IN THE MATTER of a Letter of Guarantee dated 1 April 2014 executed by GNT OIL COMPANY LIMITED in favour of UNITED OVERSEAS BANK LIMITED (incorporated in Singapore with limited liability) (大華銀行有限公司 (於新加坡註冊成立的有限公司)) to secure the indebtedness owed due and/or payable by GRACEWOOD INTERNATIONAL LIMITED (佳豪國際有限公司) and GRACEWOOD PETROLEUM (SINGAPORE) PTE. LTD. to UNITED OVERSEAS BANK LIMITED (incorporated in Singapore with limited liability) (大華銀行有限公司 (於新加坡註冊成立的有限公司));

AND IN THE MATTER of a Letter of Guarantee dated 1 April 2014 executed by WONG KAI WA (王佳華) in favour of UNITED OVERSEAS BANK LIMITED (incorporated in Singapore with limited liability) (大華銀行有限公司 (於新加坡註冊成立的有限公司)) to secure the indebtedness owed due and/or payable by GRACEWOOD INTERNATIONAL LIMITED (佳豪國際有限公司), GNT OIL COMPANY LIMITED and GRACEWOOD PETROLEUM (SINGAPORE) PTE. LTD. to UNITED OVERSEAS BANK LIMITED (incorporated in Singapore with limited liability) (大華銀行有限公司 (於新加坡註冊成立的有限公司));

AND IN THE MATTER of an application for an Order for possession and payment by UNITED OVERSEAS BANK LIMITED (incorporated in Singapore with limited liability) (大華銀行有限公司 (於新加坡註冊成立的有限公司))

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BETWEEN
	UNITED OVERSEAS BANK LIMITED (incorporated in Singapore with limited liability) (大華銀行有限公司(於新加坡註冊成立的有限公司))	Plaintiff
and
	GRACEWOOD INTERNATIONAL LIMITED (佳豪國際有限公司)	1^st Defendant
	GNT OIL COMPANY LIMITED	2^nd Defendant
	WONG KAI WA ( 王佳華)	3^rd Defendant

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Before: Deputy High Court Judge Leung in Court

Date of Hearing: 30 August 2021

Date of Judgment: 28 October 2021

Date of Corrigendum: 4 January 2022

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C O R R I G E N D U M

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Please note the following in the Judgment dated 28 October 2021:

1.   The date “9 October 2021” mentioned in paragraph 59 should read “9 October 2020”

2.   Paragraph 66, between lines D and E, the amount “US$24,795,658.99” should read “US$24,416,440.20”

3.   Paragraph 66, between lines F and G, the date “9 October 2021” should read “9 October 2020”