Princeling loses appeal over HK$43m 'payment' from Henderson
Tian Jiyun's son sought sum from Henderson as 'consultation' payment
A princeling's company has failed in its appeal to obtain a HK$43 million "consultation fee" from Henderson Land Development for services related to a central government investigation of the Hong Kong-listed firm for violating Beijing's foreign-exchange regulations.
Shenzhen Zhaotian Investments, headed by Tian Chenggang, lost its appeal against an earlier Hong Kong judgment on March 15, 2012, which dismissed its lawsuit seeking HK$43 million from Henderson, Madam Justice Maria Yuen Ka-ning wrote in a judgment in the Hong Kong Court of Appeal on Wednesday.
Tian Chenggang is a son of former vice-premier Tian Jiyun.
The consultancy fee sought by Zhaotian was related to Tian Chenggang's services over an investigation by the State Administration of Foreign Exchange (SAFE) against Henderson, according to the judgment.
In 2006, the watchdog found that the developer had breached the mainland's foreign-exchange regulations involving HK$565 million.
"At Tian junior's suggestion, Lee Shau-kee, writing as chairman of Henderson, sent a letter dated October 5, 2006, to Tian senior stating Lee's belief that [Henderson's] problem would be speedily and reasonably resolved, given Tian senior's concern and the importance he attached to the matter," said the judgment.