Privy Council dismisses appeal in BVI unfair prejudice proceedings

Walkers has successfully acted for its client, Successful Trend Investments Corporation ("STIC"), a company incorporated in the British Virgin Islands (the "BVI") which is part of a conglomerate of companies embroiled in a long-running family dispute.

On 9 May 2022, the Judicial Committee of the Privy Council (the "Privy Council") promulgated its judgment in the matter of Kathryn Ma Wai Fong (Appellant) v Wong Kie Yik & 2 others (Respondents). The five-member panel (the "Board") unanimously dismissed all grounds of the appeal, which concerned allegations of unfair prejudice in relation to the affairs of STIC, the shareholdings of which are held in equal shares by Kathryn Ma Wai Fong ("Ms Ma", the widow of the late Wong Kie Nai (“WKN”) from whom she inherited her shares), Wong Kie Yik ("WKY") and Wong Kie Chie ("WKC").

Following the death of WKN in 2013, STIC converted the non-voting preference shares which it held in a Malaysian company, WTK Realty Sdn Bhd (respectively, the "Conversion", the "CPS" and "WTK Realty") into ordinary shares.

 

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BRITISH VIRGIN ISLANDS
Oliver CliftonPartnerT +1 284 852 2246oliver.clifton@walkersglobal.com

HONG KONG
Stuart D'AddonaPartnerT +852 2596 3370stuart.d'addona@walkersglobal.com
Robert GregorySenior AssociateT +852 2596 3434robert.gregory@walkersglobal.com

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