According to THE HIGH COURT OF THE HONG KONG SPECIAL ADMINISTRATIVE REGION COURT OF FIRST INSTANCE ACTION N0 1951 0F 2028 ON THE 17th of DECEMBER 2025

Hon. Mimmie Chan J stated : “In my judgment, after the date of the Appointment Order, the Administrator replaced the board of directors (under and by virtue of the express provisions of the Appointment Order), and thereafter had the power to exercise the authority granted by law to the board. As the French Court pointed out in the decision of 22 June 2011, after the appointment of an administrator, it is the administrator who is vested with the powers of administration, direction and representation of the company. The powers of administration and direction included the general conduct and management of legal proceedings commenced in the name of DCT, on day to day basis, and the appointment and authorization of legal representatives to act in the name and on behalf of DCT in such proceedings. The shareholders had no power to usurp the right of the board of directors and the Administrator in its place. DPWD as shareholder had no right or power to convene the EGM nor to pass the July 2023 Resolution. What DPWD could have done was to request the Administrator to convene a meeting to resolve the authorization of Deacons to take further steps for DCL in these proceedings, or to apply to the Djibouti court for appointment of an agent to convene a general meeting if that was what DPWD required. None of this was done.

” This argument confirms the decision of the United States Court of Appeals for the district of Colombia circuit dated 30th of July 2024.  Djibouti Ports and Free Zones Authority is pleased of this verdict.