$2.5b lawsuit headed for tribunal
A company demanding more than $2.5 billion compensation for the loss of boat access rights in Penny's Bay because of the Disney theme park failed yesterday to have its claim heard in the High Court.
In the Court of First Instance, Mr Justice Michael Hartmann said the case, brought by Penny's Bay Investment Company Limited, should be heard in the Lands Tribunal. Mr Justice Hartmann had given the company permission in March for a High Court review.
But the judge said in yesterday's judgment that a rougher test was applied when he granted this permission. He had needed to be satisfied that there was going to be an 'arguable case'.
The company, a former landlord in Penny's Bay, Lantau, sold the land to the government for $1.5 billion in April last year. But the parties failed to agree on compensation for the boat access rights and the company filed a claim to the Lands Tribunal.