Businessman to pay $12m for reneging on contract

A businessman was yesterday ordered to pay a former school friend more than $12 million in damages after reneging on a verbal contract to sell him 50 million shares in a company.

Court of First Instance Deputy Judge Peter Longley said Victor Chang Tin-duk had reneged on his deal with Tony Lam Ngai-fung to sell shares in Celestial Asia Securities Holdings at 50 cents each.