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Elliott companies v BEA (0023) and its directors
HK Court of First Instance, 5-Jun-2015
Damning stuff - the proposed subscription by SMBC was dealt with by a memorandum from the Chairman/CEO David Li on 1-Sep-2004, with "the signing of the memorandum, without discussion, by all directors indicating their approval". No board meeting until 14-Jan-2015. "Goldman Sachs were only engaged after Elliott began to object to the Proposed Subscription...I do not think it takes an especially skeptical turn of mind to suspect that the Board wanted to justify its earlier decision if at all possible" - Justice Jonathan Harris.
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