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Offshore Cases

Talent Business Investments Ltd. -v- China Yinmore Sugar Company Ltd. and Another (24 April 2015)

April 2015 Companies

CAYMAN ISLANDS

GRAND COURT

DIVIDEND DECLARED BY COMPANY – WHETHER SHAREHOLDERS ENTITLED IMMEDIATELY TO PAYMENT – DISPUTE ARISING OVER CERTAIN PAYMENTS MADE AMIDST ALLEGATIONS AND COUNTERALLEGATIONS OF FRAUD

The case arises out of a Claim by the Plaintiff, Talent Business Investments Limited (“Talent”) for unpaid dividends, claiming as a shareholder of the Defendant, China Yinmore Sugar Company Ltd. (“China Yinmore”). Talent’s Claim, which was for US$5,663,761, was supported by evidence of Mr. Zhang Nan, acting as its majority shareholder and sole director. The Claim was met with a defence and Counterclaim by China Yinmore, alleging not only that Talent received its dividend but also that it was overpaid by some US$2.8 million, the amount for which the Counterclaim was raised.

The law on entitlement to dividends, once they are declared, is settled and its applicability to the circumstances of this case was not disputed once the dispute over the circumstances of the payment was resolved.

 

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Talent Business Investments Ltd. -v- China Yinmore Sugar Company Ltd. and Another (24 April 2015)

 

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