20 February 2017
The Court of Final Appeal in DBS Bank (Hong Kong) Ltd v Sit Pan Jit has today given its reasons for dismissing Sit's application for leave to appeal against the Court of Appeal's judgment last summer. The dispute concerned the purchase of Equity Linked Notes and misrepresentations alleged to have been made to Sit by a DBS employee. In the Court of First Instance, Sit was ordered to pay DBS more than US$3.4 million with interest and costs. Sit's counterclaim for misrepresentation at common law and under section 108 Securities and Futures Ordinance (SFO) was dismissed on the basis that there had been no misrepresentation made by DBS. The Court of Appeal concurred with the findings of the Court of First Instance.