HUNG ON NI v. LAU CHUNG HOI

HCA 826/2017

[2020] HKCFI 744

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

ACTION NO. 826 OF 2017

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J U D G M E N T

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1.  This is the Plaintiff’s claim for the balance of purchase price in respect of the sale of her majority shareholding in a company called Top Famous Construction Engineering Ltd to the Defendant.

2.  Those shares had long been transferred to the Defendant but there remains a balance of purchase price in the sum of HK$15 million which has not been paid by the Defendant.

3.  The Defendant has not appeared today to defend this action or to prosecute his counterclaim.

4.  I am satisfied by the Plaintiff’s evidence that her case has been proved.  Indeed, the Plaintiff’s case is based upon 2 written documents, referred to respectively as the September Agreement and October Deed in the Statement of Claim, both of which were signed by the Defendant.

5.  I do not see any inherent fragility in the Plaintiff’s case which may disentitle her to any of the relief sought.  I should mention that even if the October Deed was not sealed as alleged in the Amended Defence, it would take effect as a contract between the parties thereto.

6.  For these reasons, I am satisfied that the Plaintiff is entitled to judgment against the Defendant in the sum of HK$26,100,000, inclusive of agreed interest and handling charges. Interest should run on the judgment sum at judgment rate(s) from today until payment.

7.  I dismiss the counterclaim.

8.  The costs of this action and the counterclaim be to the Plaintiff.

9.  The 3^rd Defendant is also entitled to the costs of the counterclaim against the Defendant and I so order.  Both sets of costs are to be taxed, if not agreed.