On 20 November 2024 the BVI High Court handed down judgment in Ming and others v JF Ming Inc, valuing the minority shareholders’ interest following the Privy Council’s reinstatement of Leon J’s buy out order. It is the first BVI authority on the issue of whether a discount should be applied for the shares being a minority holding. Christopher Parker KC successfully argued that a minority discount should not be applied in all the circumstances of the case. Mangatal J also agreed that the valuation evidence of the minority shareholders should be preferred as the buyer’s valuer had not followed International Valuation Standards. The value of the minority’s 3/17ths interest was therefore set at HKD342,948,353.29 with interest at 1% over HK best lending rate from the 31 March 2017, the valuation date.

Read the full judgment here