Decision released in Concord Pacific Acquisitions Inc. v. Oei
On July 19, 2019, the Supreme Court of British Columbia released its judgment in Concord Pacific Acquisitions Inc. v. Oei, 2019 BCSC 1190, following 48 days of trial before the Honourable Mr. Justice Voith. Led by Irwin G. Nathanson, Q.C. (partner), Stephen R. Schachter, Q.C. (partner) and M. Caitlin Ohama-Darcus (associate), the firm successfully defended a claim in excess of $350 million brought by Concord Pacific Acquisitions Inc. against the three named defendants, including renowned Singaporean businessman, Hong Leong Oei. At the heart of this dispute was a purported transaction to develop a significant piece of waterfront land owned indirectly by Mr. Oei, described in the court’s reasons as a “multiyear billion-dollar development”. Led by its President and CEO, Terry Hui, and Vice President, David Ju, Concord alleged that it had entered into binding agreements with Mr. Oei to jointly own and develop the property. The court rejected their evidence and dismissed Concord’s claim in its entirety.