Read the full judgment text of HCMP 001791/2009 on BabelCite. This High Court CFI judgment was delivered on 11 February 2010.
1. The substantive application in these proceedings sought leave to commence a statutory derivative action under Part IVAA of the Companies Ordinance in respect of alleged misfeasance committed against a company Luen Fat Paint Company Limited [“Luen Fat”] by Yung Lan and Lo Tak Lun. The transaction under challenge was the sale of a property of Luen Fat [“the Shop”] at $3.8 million. The provisional agreement was signed on 18 June 2009. The Applicants said the sale was conducted at a gross underva
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