MERIDIAN GLOBAL FUNDS MANAGEMENT ASIA LTD V SECURITIES COMMISSION
| Date | 01 January 1996 |
| DOI | https://doi.org/10.1108/eb024870 |
| Pages | 93-97 |
| Published date | 01 January 1996 |
| Author | Keith of Kinkel,Jauncey of Tullichettle, Mustill,Lloyd of Berwick, Hoffmann,Joanna Gray |
| Subject Matter | Accounting & finance |
NONCOMPLIANCE, CORPORATE PERSONALITY AND
RESPONSIBILITY
MERIDIAN GLOBAL FUNDS MANAGEMENT ASIA LTD V
SECURITIES COMMISSION
(JUDICIAL COMMITTEE OF THE PRIVY COUNCIL)
LORD KEITH OF KINKEL, LORD JAUNCEY OF TULLICHETTLE,
LORD MUSTILL, LORD LLOYD OF BERWICK AND LORD HOFFMANN
Date of
Hearing:
9th and 10th May, 1995
Date of Judgment: 26th June, 1995
Reported at: [1995] 3
Weekly Law Reports
413
THE FACTS
This case concerned an attempt by
predators based in New Zealand,
Malaysia and Hong Kong to gain
control of, and strip assets and cash
from, a publicly listed New Zealand
company (ENC). The predators
included a New Zealand business-
man, a Malaysian stockbroking firm
and two gentlemen referred to
throughout the case as 'Koo' and
'Ng'.
Koo and Ng were employed by
the appellant company, Meridian
Global Funds Management Asia Ltd
(Meridian) and were, respectively, its
chief investment officer and a senior
portfolio manager. The appellant
company was a Hong Kong invest-
ment management company with an
Australian parent company, and
although Koo was at the relevant
time under the appellant's managing
director in the corporate hierarchy of
Meridian, in practice the evidence
showed that he was given a very free
rein in the conduct of the business of
the company. The group of predators
intended ultimately to finance their
purchase of a controlling interest in
ENC by using its own assets but
interim finance was needed in order
to buy the shares which would give
them control of ENC's monies and
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