A drastic and unexpected drop in nickel prices resulted in non-performance of a contractual obligation to pay purchase monies by ultimate buyers to a plaintiff under some trade contracts in PRC.
Though contractual parties reached a settlement agreement to postpone payment of purchase monies subject to some guarantees, the ultimate buyers still failed to make payment.
The Plaintiff and successfully acquired a judgment from Hong Kong Court to enforce the said agreements and guarantees against the ultimate buyers in Hong Kong on ground that some of them were Hong Kong parties, despite all trade contracts, the settlement agreement and the guarantees were all made and signed in PRC.
In other words, the ultimate buyers were ordered by Court to pay the plaintiff the purchase monies in a sum of about RMB45 million plus daily interest of RMB15,000 odd.
Case No.: HCA 2485/2015; [2021] HKCFI 32
