In this article
Elliott International v BEA (0023) & others
HK Court of First Instance, 13-Jul-2018
Nearly 11 months after his decision, Jonathan Harris gives reasons for dismissing BEA's strike-out petition. Elliott claims that the share placements to SMBC and Caixa and voting undertakings were for an improper purpose, to entrench control of BEA by David Li and his family. BEA claims that Elliott has a collateral purpose, to facilitate a takeover of BEA. Our view: when shareholders seek to remedy an alleged wrong done by the board of their company, the benefits that flow from that are irrelevant. In corporate governance, boards are accountable to shareholders, not the reverse.
Organisations
People
Sign up for our free newsletter
Recommend Webb-site to a friend
Copyright & disclaimer, Privacy policy