Wheelock Marden has won the final round in one of Hong Kong's longest legal battles, thwarting a 12-year bid by a Danish finance firm for damages of US$92 million.
It is also likely to present Aktieselskabet Dansk Skibsfinansiering (ADS) with a one of the biggest legal bills in SAR history, after the Court of Final Appeal yesterday ordered the Danish firm to pay Wheelock's costs.
Five judges unanimously dismissed appeals by ADS against a judgment which cleared Wheelock of making fraudulent representations.
A Wheelock subsidiary had been accused of borrowing money in 1983 when it was insolvent, a fact ADS claimed was concealed by the company and directors.
The unit, Wheelock Maritime International, was unable to repay funds borrowed from ADS and was liquidated in 1985.
ADS began action in 1988, accusing Wheelock and its directors of fraudulent trading.
A year-long trial at the Court of First Instance originally found in favour of the Danish firm.