Read the full judgment text of HCCL 000078/1989 on BabelCite. This HCCL judgment was delivered on 11 May 1990.
1. Since 1976, when the Deposit-Taking Companies Ordinance, Cap.328 ("the Ordinance") was first enacted, Deposit-Taking Companies (D.T.C.s) in Hong Kong have, over the years, in the interests of lenders, been subjected to progressively stricter regulation by a series of amendments to the Ordinance. The need for such regulation is amply illustrated by the present litigation which stems from the fraudulent way Asean Merchant Credit And Investment Limited ("Asean"), a registered D.T.C., conducted i