CHINA VERED FINANCIAL HOLDING CORPORATION LTD (formerly known as CHINA MINSHENG FINANCIAL HOLDING CORPORATION LTD) v. CENTRAL CHINA DRAGON GROWTH FUND SPC AND ANOTHER

HCA 1505/2023

[2024] HKCFI 3440

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

ACTION NO 1505 OF 2023

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DECISION ON COSTS

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1.  I refer to my Decision of 13 October 2023[1]. I adopt the same terms used therein. For the reasons set out in that Decision, I dismissed P’s application for §3 of the Draft Order. On 24 October 2023, I by consent ordered that costs of and occasioned by §3 of the Draft Order and the Costs Summons Ds subsequently took out be summarily assessed on a party-and-party basis, with certificate for 2 counsel for the hearing on 13 October 2023, and be paid by P to Ds forthwith.

Costs for the hearing on 13 October 2023

2.  I have considered Ds’ Statement of Costs of 7 November 2024.  Ds seeks costs in the total sum of $1,103,015 (comprising principally Section C (Communications) for $89,210, Section D (Professional Work) for $74,290, and Section E (Counsel Fee) for $938,000).

3.  I have considered P’s Response of 20 November 2024:

(a)  In respect of Section C, I agree that there are duplications.  I assess the costs at $50,000;

(b)  In respect of Section D, I agree that there are duplications.  I assess the costs at $45,000;

(c)  In respect of Section E, I agree that counsel fees in the total amount of $938,000 are excessive.  I assess the total fees at $700,000 ($450,000 for Mr Maurellet, and $250,000 for Mr Chiu).

4.  On a broad-brush approach, I assess the total costs at $796,500.

Costs for the Costs Summons

5.  I have considered parties’ respective Statement of Costs and Response. On a broad-brush approach, I assess the total costs at $35,000 ($18,000 for Section E, and balance for the other Sections).

6.  I make no further costs order in respect of this assessment.