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It’s that time of the year again when the Kennedys Hong Kong financial regulatory team puts out our annual review of financial regulatory investigations and proceedings.
Case review 17/12/2019
The Hong Kong Court of Final Appeal (“CFA”) recently handed down its judgment in Zhang Hong Li and others v DBS Bank (Hong Kong) Limited and others (FACV 2/2019) (22 November 2019) which reverses the findings by the Court of Appeal (“CA”) in respect of the breach of trust/fiduciary duties owed to sophisticated investment customers by the trustee and corporate services of a bank.
Case review 09/09/2019
In the recent case of Zenjoy Limited v Contex Group Co., Limited  HKCFI 2049, the Hong Kong Court of First Instance (“CFI”) dismissed the Plaintiff’s application for third party discovery where the Plaintiff was a victim of fraud. In doing so, CFI examined the rules in relation to non-party discovery under section 42(1) of the High Court Ordinance (Cap. 4) (“HCO”) and order 24 rule 7A(2) of the Rules of the High Court (“RHC”).
Addchance Limited v Herojoy Trading Limited  HKCFI 1147
It is well established that the court will grant an injunction to restrain the presentation of a winding-up petition which it considers would be an abuse of court’s process. Deputy High Court Judge Keith Yeung SC (“DHCJ Yeung”) revisited this principle in Addchance Limited v Herojoy Trading Limited where there were two sets of inconsistent accounting documents which respectively prove and disprove the existence of the debt.
On 2 April 2019, Hong Kong becomes the first jurisdiction outside the Mainland where, as a seat of arbitration, parties to arbitral proceedings administered by its arbitral institutions would be able to apply to the Mainland courts for interim measures (including property preservation, evidence preservation and conduct preservation).
As the Year of the Dog ends, what were the highlights (or, depending on one’s perspective, lowlights) in the Hong Kong regulatory enforcement world?
Struggling listed companies’ senior management and insider dealing: the Asia TeleMedia paradox
Case review 17/08/2018
Patrick Cowley and Anor (The Joint and Several Trustees in Bankruptcy of the Property of the Bankrupt) v All Powerful Holding Ltd and Anor HCB 104/2017 (1 August 2018)
Alleged mis-selling with a trusts twist – extra risks for banks in providing “one stop shop” services for wealthy individuals?
Wealthy individuals maintain a private banking account, through which they buy high risk investment products on margin. The markets then fall. The assets held in the account fall in value. Margin calls are made by the bank. The wealthy individuals then allege that the bank should not have sold such products to them.
Malicious prosecution - New weapon against unmeritorious litigants in civil proceedings in Hong Kong?
The number of court hearings involving litigants in person are on the rise and this presents a challenge to the courts and also those who are on the opposite side of a litigant in person.