Read the full judgment text of CACC 000701/1995 on BabelCite. This Court of Appeal judgment was delivered on 3 May 1996.
1. Eight participated in the acquisition and resale of a property called Koway Plaza in Chaiwan Road. Of the eight, two held double shares. These two major shareholders each contributed $2m and the rest of the capital was contributed by the other shareholders, including the appellant. For the purpose of this scheme, Yika Development Ltd. (Yika) was incorporated. It was the appellant who put together this venture and invited the other shareholders to join it. He was the prime mover and entrusted