Read the full judgment text of FCMC 11250/2004 on BabelCite. This Family Court judgment was delivered on 14 March 2011 before Deputy District Judge S. Lo.
Matrimonial proceedings – Ancillary relief – Division of assets – Equal division principle – Conduct – Margin trading – Full disclosure – Matrimonial Proceedings and Property Ordinance, Cap. 192 s.7 – LKW v DD – Parties married 19 years – Wife engaged in margin trading – Husband alleged hidden assets – Court held no good reason to depart from equal division – Assets divided equally – Costs order nisi made – Total matrimonial assets valued at HK$27,640,106.33 – Wife's assets HK$11,195,250.78 – Husband's assets HK$5,667,845 – Payment into court HK$10,776,921.33 – TTD Property in USA – RP Property in Hong Kong – Wife's margin trading resulted in loss but overall assets increased – Husband failed to account for compensation from ex-employer – Court added back HK$500,000 to Husband's assets – Alleged loan from mother accepted – Alleged hidden rent not proven – Costs order nisi made due to both parties causing increase in length or costs – Court applied LKW v DD principles – Implicit objective of fair distribution – Yardstick of equal division – Conduct must be obvious and gross – No gender discrimination – Financial needs catered for – Children's education fund sufficient – Husband earning capacity higher than Wife – Wife unemployed housewife – Parties failed to file agreed statement of issue initially – Counsel agreed assets after trial – Wife acted in person for closing submissions – Court rejected irrelevant issues raised by Wife – Husband's disclosure of compensation incomplete – Adverse inference drawn on unaccounted balance – Wife's loan from sister deducted – Payment to sister for clothes not added – Husband's loan from mother deducted – Rent payment explanation accepted – TTD Property buyout ordered – Joint accounts closed – Interest on payment into court divided 75% to Husband – Deputy District Judge S. Lo presided – Hearing dates 18–20 January 2011 – Judgment date 14 March 2011 – Petitioner CYC – Respondent WMS – Mr. Kenneth Wong for Petitioner – Mr. Enzo Chow for Respondent – Court found Wife's conduct not 'obvious and gross' as she was trying to appreciate assets – Court ordered Wife to buy out Husband's share in TTD Property within 5 months – Court ordered release of funds from payment into court to both parties.
Legal issues: Conduct and Equal Division · Asset Identification and Disclosure · Costs Order
Outcome: Ancillary relief granted; assets divided equally; costs order made.
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