XCHRX UWE DERBOVEN v. RIECKERMANN (HONG KONG) LTD. AND OTHERS

HCMP 359/99

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

MISCELLANEOUS PROCEEDINGS NO. 359 OF 1999

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J U D G M E N T

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1. This is an application by way of an originating summons in respect of 2,000 shares in the capital of the 1st Defendant company, namely, Rieckermann (Hong Kong) Limited. The shares have, since allotment, been registered in the name of Wolfgang Georg Martin Seidel who has since died. The 3rd and 4th Defendants are the daughters of the late Mr. Seidel but they have not taken out any representation of his estate in Hong Kong. In fact, no one has taken out representation of his estate in Hong Kong, and for that reason, the Plaintiff has been able to serve the Official Solicitor, but the Official Solicitor's representation is limited to acceptance of service only.

2. There have been three affidavits filed on behalf of the Plaintiff in which there is sufficient evidence to show to me that Mr. Derboven had paid the amount necessary for the allotment of the 2,000 shares although the consideration was paid in various parts. Based on the evidence, I am satisfied that the orders sought by the Plaintiff today should be granted. I have made various amendments to the draft order to the effect that the court will declare that the Plaintiff was upon allotment to Mr. Seidel the beneficial owner of the said shares including all rights resultant therefrom and that Mr. Seidel held the shares registered in his name as bare trustee on behalf of the Plaintiff.

3. In relation to Mr. Hart's application for rectification of the share register, that is necessary because there is no personal representative of Mr. Seidel's estate in Hong Kong who would be available to execute the transfer in the beneficial owner's favour. In view of that, I think it is necessary and desirable for an order to be made that the register of members of the 1st Defendant company be rectified by striking out the name of Mr. Seidel as holder of the shares and by inserting in lieu thereof the name of the Plaintiff as the holder of the shares, for the reason that the Deceased was holding the shares as bare trustee.