Morgan Equipment Co v UMW Corporation SDN BHD [2001] NSWSC 364

New South Wales Supreme Court

CITATION : Morgan Equipment Co v UMW Corporation SDN BHD [2001] NSWSC 364 CURRENT JURISDICTION: Equity Division Commercial List FILE NUMBER(S) : SC 50068/00 HEARING DATE(S) : 02/04/01 to 03/04/01 JUDGMENT DATE : 7 May 2001

PARTIES : Morgan Equipment Co. -v- UMW Corporation SDN BHD JUDGMENT OF : Foster AJ at 1

COUNSEL : Mr P.M. Wood - Plaintiff Ms R. McColl/Mr G. Parker - Defendant SOLICITORS : Clayton Utz - Plaintiff Allen, Allen & Hemsley - Defendant CATCHWORDS : Plaintiff - a company incorporated under laws of State of California in the USA. - Defendant - a company incorporated under the laws of Malaysia. - Litigation arises out of sale by plaintiff to defendant the whole of the issued share capital in its wholly owned subsidiary carrying on business in Papua New Guinea. - Sale agreement included sale of potential tax losses. - Issue arises as to appropriate currency of payment - American dollars or PNG Kina. Hungerfords & Ors v Walker & Ors (1990) 171 CLR 125 Batagol v The Commissioner of Taxation of the Commonwealth of Australia (1963) 109 CLR 243 Commissioner of Taxation v Ryan (2000) HCA4 CASES CITED : Australian Broadcasting Commission v Australasian Performing Rights Association Ltd (1973) 179 CLR 99, 109. Reardon Smith Line v Hansen-Tangen (1976) 1 WLR 989 at 995, 997 Codelfa Construction Pty Limited v State Rail Authority of New South Wales (1982) 149 CLR 337, 350, 352 Lesiputty v Murphy, 47 SR 433 and 436 DECISION : (a) Judgment to be entered for the defendant.; (b) Plaintiff to pay the defendant's costs.