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1、ABCDEFGHIJKLMNOPQRSTUV由此ABCDEFGHIJKLMNOPQRSTUV- 4 -HCA 1221/2006IN THE HIGH COURT OF THEHONG KONG SPECIAL ADMINISTRATIVE REGIONCOURT OOF FIRRST INNSTANCCEACTION NO. 11221 OOF 20006_BETWEENN PIINE ENNTERPRRISES LIMITTED Pllaintiiffand CYBEER STRRATEGYY LIMIITED 1stt Defeendantt LECTTURE KKIT COOMPANY
2、Y LIMIITED 2nd Deffendannt and WOOO PAKK HAY EDWARRD 1st Thiird Paarty LAWW SHIUU KAI ANDREEW 2nd Thiird Paarty _HCCW 5993/20005IN THE HIGH COURTT OF TTHEHONG KOONG SPPECIALL ADMIINISTRRATIVEE REGIIONCOURT OOF FIRRST INNSTANCCECOMPANIIES WIINDINGG-UP PPROCEEEDINGSS NO. 593 OOF 20005_IN THE MATTEER o
3、f Unionn Resoourcess (Eduucatioonal DDeveloopmentt) LimmitedAND IN THE MMATTERR of SSectioons 1668A annd 1777(1)(ff) of the CCompannies OOrdinaance (Cap 332)BETWEENN PINNE ENTTERPRIISES LLIMITEED Pettitionnerand LEECTUREE KIT COMPAANY LIIMITEDD 1st Resspondeent UNNION RRESOURRCES 2nd Resspondeent(ED
4、UCATTIONALL DEVEELOPMEENT) LLIMITEED_(HCA 12221/20006 annd HCCCW 5933/20055 are heardd and triedd togeether pursuuant tto thee ordeer of High Courtt Judgge Pooon datted 311 Julyy 20077)Before: Depuuty Hiigh Coourt JJudge To inn CourrtDates oof Heaaring: 17 - 21, 24 - 25, 27 - 28 Seeptembber 20007, 2
5、 - 3 OOctobeer 20007, 5 - 6, 8 - 99, 12 - 14 Novemmber 22007, 4, 7 - 8, 144, 30 - 31 Januaary 20008 annd 1, 4 Febbruaryy 20088 Date off Judggment: 14 MMarch 2008_J U D GG M E N T_ABCDEFGHIJKLMNOPQRSTUV由此ABCDEFGHIJKLMNOPQRSTUV- 158 -INTRODUUCTIONN1. This iss a trrial oof twoo actiions, namelly HCCCW
6、5933/20055 and HCA 11221/22006, orderred too be ttried togetther ppursuaant too the orderr of PPoon JJ. Thhe disspute arosee out of foour aggreemeents iin connnectiion wiith thhe salle by Pine Enterrprisees Limmited (“Pine”) of its ssharess in UUnion Resourrces (Educaationaal Devvelopmment) Limitted
7、 (“UR Limmited”) to Lectuure Kiit Commpany Limitted (“Lectuure Kiit”). TThe shhares in URR Limiited wwere dduly ttransfferredd to LLecturre Kitt on 113 Mayy 20033. Piine coomplaiined oof breeach oof thee agreeementts. OOn 1 AAugustt 20055, Pinne pettitionned foor thee windding uup of UR Liimitedd on
8、 jjust aand eqquitabble grround underr HCCWW 593/2005. On 7 Junne 20006, Piine allso coommencced acction HCA 11221/22006 aagainsst Leccture Kit aand itts parrent ccompanny Cybber Sttrateggy Limmited (“Cyberr Straategy”) forr breaach off agreeementt. Cyyber SStrateegy annd Leccture Kit ccounteerclaii
9、med aagainsst thee 1st andd 2nd Thiird Paartiess for falsee reprresenttationn. I consiider tthe maain acction is HCCA 12221/20006.2. The Plaaintifff andd the 1st Thiird Paarty aare reppresennted bby Mr Poon SC annd Ms Lindaa Chann. Thhe Deffendannts are reepreseented by Miiss Angeela Gwwilt aand Mrr
10、 C Y Li who jjoinedd in aas leaading counssel onn the 12th dayy of ttrial. Thee 2nd Thiird Paarty, who iis a ppractiising soliccitor, appeeared in peerson exceppt forr the last day oof thee triaal wheen he is reepreseented by Mss Elsiie Yiuu.3. By the sevennth daay of the ttrial, the partiies weere
11、sttill eentanggled iin pree-triaal mattters. Ratther tthan tto havve botth acttions adjouurned and rre-fixxed, II conssidereed it in thhe besst intterestt of aall paartiess to ccontinnue heearingg the main actioon andd to aadjourrn thee windding uup acttion. Hencce, onn my oown mootion, I adjoourned
12、d HCCWW 593/2005 to a date to bee fixeed andd conttinuedd hearring HHCA 12221/20006. I am gglad tto havve takken thhat coourse, becaause aas thee eviddence unfollds, iit beccame oobviouus thaat thee eviddence in thhe winnding up acction wouldd be hhighlyy prejjudiciial too the Defenndantss in tthe m
13、aain acction and tthe evvidencce in the mmain aactionn woulld alsso be prejuudiciaal to the RResponndentss in tthe wiindingg up aactionn. Inn thiss judggment, I shalll reffer too somee of tthe evvidencce in the wwindinng up actioon forr the purpoose off settting oout thhe bacckgrouund inn whicch the
14、e mateerial issuees whiich I have to deecide in thhe maiin acttion aarose. I ddo nott relyy on aany off thosse eviidencee in mmy asssessmeent off creddibiliity off witnnessess or ffindinng of fact in thhe maiin acttion. I maake noo findding oof facct in respeect off the windiing upp actiion eiither,
15、 not even a proovisioonal vview.4. On the 13th dayy of ttrial, shorrtly aafter openiing thhe deffence case, the Defenndantss offeered tto disscontiinue tthe thhird pparty proceeedinggs agaainst the 22nd Thiird Paarty, Andreew Laww, witth cossts. The ooffer was nnot acccepteed beccause of diisagreeem
16、entt on tthe sccale oof cossts. Andreew Laww conttinuedd as aa thirrd parrty. But ffor alll praacticaal purrposess, thee Defeendantts havve abaandoneed theeir cllaim aagainsst Anddrew LLaw. The iissue as beetweenn the Defenndantss and Andreew Laww is wwhetheer Anddrew LLaw iss entiitled to haave hii
17、s cossts onn indeemnityy basiis. 5. The disspute is abbout ttwo off the four agreeementss. Onn 12 AApril 2003, Pinee, Cybber Sttrateggy andd Lectture KKit ennteredd intoo threee agrreemennts inn connnectioon witth thee salee and purchhase oof shaares iin UR Limitted. On thhe samme dayy, theey alsso
18、enttered into a fouurth aagreemment wwith UUR Limmited to reegulatte theeir maanagemment oof UR Limitted. 6. Under tthe Saale annd Purrchasee Agreeementt, Leccture Kit ppurchaased ffrom PPine 551% off its sharees in UR Liimitedd (i.ee. 5100,002 sharees) annd Pinne purrchaseed froom Cybber Sttrateggy
19、 20% of iits shhares in Leecturee Kit (i.e. 1,0000 shaares). In essennce, tthat wwas a sharee swapp agreeementt. Thhe priincipaal assset off UR LLimiteed wass, andd stilll is, its whollly ownned suubsidiiary, Unionn Resoourcess Limiited EEducattionall Deveelopmeent (YYanjiaao) Coompanyy Limiited (“U
20、REDYY”) whiich owwns a piecee of lland (“the CCampuss”) in the PPeoplees Reppublicc of CChina (“PRC”). 7. Under tthe Leecturee Kit Shareeholdeers Agreeementt, Cybber Sttrateggy agrreed tto reppurchaase Piines 1,0000 shhares in Leecturee Kit at HKK$12.55 milllion iif Leccture Kit iis nott listted byy
21、 12 AApril 2005 and CCyber Strattegy aagreedd to ddeposiit itss 510,002 ssharess in UUR Limmited with Messrrs Anddrew LLaw & Frankki Ho as cuustodiian.8. Under tthe Opption Agreeement, Lectture KKit grrantedd an iirrevoocablee optiion too Pinee to ccall uupon LLecturre Kitt to iissue a connvertiible
22、 nnote ffor HKK$20 mmillioon witth intterestt, in consiiderattion oof Pinnes agrreemennt to procuure Eddward Woo tto waiive hiis dirrectorrs loaan to UR Liimitedd. Puursuannt to this agreeement, Edwaard Wooo siggned aa lettter off releease cconfirrming his aagreemment tto rellease and ddischaarge “a
23、ll lloans and lliabillitiess hithherto due aand owwing bby” UR LLimiteed to him, whethher liisted or noot lissted iin thee bookks of UR Liimitedd, andd whicch wass not less than HK$533,547,843. 9. The salle andd purcchase of thhe shaares iin UR Limitted waas commpleteed on 13 Maay 20003. PPursuaant
24、too the Optioon Agrreemennt, a conveertiblle notte in the aadjustted ammount of HKK$20.665 milllion was eexecutted byy Lectture KKit, wwhich was ssubseqquentlly datted 1 Februuary 22004 wwith aa matuurity date on 1 Februuary 22006. The dispuute beetweenn the partiies iss relaated tto thee Lectture K
25、Kit Shharehoolderss Agreeementt and the cconverrtiblee notee issuued puursuannt to the OOptionn Agreeementt.10. On 2 Juuly 20003, GGary HHo, foor andd on bbehalff of UUREDY, enteered iinto tthe Cooperrationn Agreemment (合作辦學合合同書) wwith CChina Instiitute of Deefencee & Scciencee Techhnologgy (“CIDSTT
26、”) in proviiding educaationaal serrvicess. CIIDST ttook ppossesssion of thhe Cammpus aand opperateed a jjoint educaationaal insstitutte witth UREEDY thhere. On 110 Novvemberr 20033, UREEDY deemandeed CIDDST too vacaate thhe Cammpus ffor haaving faileed to obtaiin a bbank lloan wwhich was aa termm of
27、 tthe Coooperaation Agreeement. Aftter soome neegotiaationss, on 4 Febbruaryy 20044, UREEDY annd Chiina Deefencee Techhnologgy Cenntre (Beijiing) (“CDTC”) reaached an aggreemeent foor thee salee of tthe Caampus to CDDTC foor RMBB 50 mmillioon (“Campuus Salle Agrreemennt”). CCDTC ppaid UUREDY RMB 110
28、 milllion on 122 Febrruary 2004. On 5 Marrch 20004, UUREDY paid RMB 99 milllion tto Beiijing AIR SStrateegy annd Infformattion TTechnoology Limitted (“Beijiing AIIR”) purrporteedly tto setttle ddebts due ffrom UUR Limmited and UUREDY to vaariouss comppaniess withhin thhe AIRR grouup. OOn 29 Aprill 2
29、0044, UREEDY ennteredd intoo two consuultanccy agrreemennts wiith AIIR Loggisticcs Intternattionall Limiited (“AIR LLogisttics”) undder whhich UUREDY wouldd pay AIR LLogisttics RRMB 9.744 mmillioon a yyear ffor prrofesssionall reallty maanagemment aadvicee and RMB 335.01 milliion a year for rreal ee
30、statee deveelopmeent addvice.11. CDTC deefaultted inn payiing thhe ballance due uunder the CCampuss Salee Agreeementt. Thhat waas folllowedd by aarbitrrationn procceedinngs inn the PRC aand thhen ann agreeementt to ssell aall thhe shaares iin UREEDY too Jeavvon Liimitedd, a nnomineee of CDTC (“Jeavo
31、on Agrreemennt”) on 3 Febbruaryy 20055. Thhe Jeaavon AAgreemment wwas teerminaated oon 30 July 2005. 12. The lissting of Leecturee Kit did nnot maateriaalise by 122 Apriil 20005. CCyber Strattegy rrefuseed to repurrchasee the 1,0000 sharres inn Lectture KKit heeld byy Pinee and refussed too honoour
32、thhe connvertiible nnote. On 11 Auguust 20005, PPine ppetitiioned for tthe wiindingg up oof UR Limitted. On 133 Septtemberr 20055, Asiian Innformaation Resouurces (Holddings) Limiited (“AIR HHoldinngs”) enttered into an aggreemeent too selll Elesson Innc toggetherr withh its chainn of ssubsiddiariee
33、s inccludinng Cybber Sttrateggy andd Lectture KKit too Beijjing OOlympiics Liimitedd for HK$500,000. On 7 Junne 20006, Piine coommencced thhe maiin acttion.THE ISSSUES 13. Pine claimms agaainst Cyberr Straategy damagges foor breeach oof thee Lectture KKit Shharehoolderss Agreeementt in tthe suum of
34、HK$122.5 miillionn for its ffailurre to repurrchasee the 1,0000 sharres inn Lectture KKit annd agaainst Lectuure Kiit thee sum of abbout HHK$25.5 milllion underr the conveertiblle notte. IIn addditionn, Pinne seeeks a declaaratioon thaat thee 510,002 ssharess of aand inn UR LLimiteed havve beeen and
35、d are chargged inn favoour off Pinee as ssecuriity foor payyment of alll summs oweed by Cyberr Straategy and LLecturre Kitt undeer thee Lectture KKit Shharehoolderss Agreeementt and the cconverrtiblee notee.14. In esseence, the ddefencce of Cyberr Straategy and LLecturre Kitt is tthat tthey eenteree
36、d intto thee fourr agreeementts as a ressult oof cerrtain falsee reprresenttationns madde by Pine, Edwaard Wooo andd Andrrew Laaw andd certtain nnon-diisclossures in thhe couurse oof neggotiattion oof thee fourr agreeementts. Theyy alsoo claiim thaat theey werre disschargged frrom thheir lliabillity
37、 uunder the cconverrtiblee notee as EEdwardd Woo had ffailedd to ccomplyy withh the condiition preceedent by waaivingg his direcctors loaan to UR Liimitedd of tthe reequisiite ammount. Theey seeek a ddeclarrationn thatt the foour aggreemeents aare reescindded annd couuntercclaim for ddamagees forr f
38、alsse reppresenntatioon andd non-discllosuree. Inn addiition, theyy alsoo makee simiilar cclaimss agaiinst EEdwardd Woo and AAndreww Law as thhird ppartiees.15. There iis no dispuute thhat thhe Plaaintifff hadd perfformedd its obliggationns undder thhe Salle andd Purcchase Agreeement and hhas exxerc
39、issed itts opttion uunder the OOptionn Agreeementt. Thhe facctual dispuute iss whetther tthe Pllaintiiff haad proocuredd Edwaard Wooo to waivee the requiisite amounnt of loan. Subbject to thhe Plaaintifff disschargging tthat bburdenn, thee burdden woould tthen bbe on the DDefenddants to prrove tthe
40、faalse rrepressentattions and nnon-diisclossures in orrder tto havve thee fourr agreeementts resscindeed andd reliieved of thheir lliabillity uunder the ffour aagreemments.The allleged falsee repressentattions and nnon-discloosuress16. The Deffendannts pleaaded ddefencce is exccessivve, coonfusiing
41、annd oveerlappping. In bbroad termss, thee defeences are faalse rrepressentattion, non-discllosuree and non-ffulfillment of coonditiion prrecedeent. Mr Pooon SCC and Mr Lii adoppt diffferennt appproachhes too the interrpretaation of thhe pleeaded defennce. To coonsideer theeir suubmisssions, it iis
42、neccessarry forr me tto quoote thhe pleeaded defennce inn fulll. Thhe rellevantt pleaadingss are paraggraphss 5(f), 5(gg), 5(h), 66(c), 6(d), 6(e) and 7 of the AAmendeed Deffence and CCounteerclaiim (“AD&CCC”):“5(f) Edwaard Wooo waarrantted annd reppresennted tto Garry Ho that the Campuus caan be us
43、ed to esstabliish ann insttitutiion thhere uunder the nname “The EEast WWest CCulturral Exxchangge Villlage” for the ppurposse of promooting educaation and cculturral exxchangge. 5(g) As aa furtther aand/orr alteernatiive prroposaal, EEdwardd Woo warrrantedd and repreesenteed to Gary Ho thhat thhe Caampus can be ussed annd/or develloped as a hotell, spaa, spoorts ccentree or rresideentiall builldingss.5(h) In orr abouut Jannuary 2003, Garyy Ho wentt to i