XCHRX TRUTHFUL FINANCE CO. LTD. v. EXCEL TECHNOLOGY LTD. AND OTHERS

HCA 6673/2000

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

ACTION NO. 6673 OF 2000

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D E C I S I O N

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1. This is the hearing of the Plaintiff's inter partes summons applying for the continuation of the ex parte Mareva injunction order against the 1st and 2nd Defendants. The 3rd and 4th Defendants appear at the hearing today both on their own behalf and on behalf of the 1st and 2nd Defendants.

2. The 3rd and 4th Defendants inform the court they dispute the Plaintiff's allegations that the 1st and 2nd Defendants attempted to dissipate their assets. The Defendants insist they have done absolutely nothing of the sort.

3. Since the 1st and 2nd Defendants have not tried to dissipate the assets (and will not do so), after having been explained the effect of the ex parte order, the 3rd and 4th Defendants indicate that they would not oppose the continuation of the ex parte injunction order again the 1st and 2nd Defendants until the trial of this action or further order. However, they expressly state that this is entirely without admission of liability and without prejudice to the defence that they may put up in answer to the Plaintiff's claim herein. They specifically contend that it was totally unnecessary for the Plaintiff to apply for an injunction order.

4. Mr Fung for the Plaintiff did not object to the continuation of the order on the above basis. In these circumstances, an order will be made in terms of the inter partes summons. However, in view of the parties' disagreement as regards the need to apply for the injunction order (both on an ex parte basis and on an inter partes basis), the cost of the ex parte application and the inter partes summons are reserved.