Nadarajalingam v. Zhao, 2018 ONSC 849
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Shajiraj Nadarajalingam and Jiajia Zhao jointly embarked in certain development projects. Zhao loaned Nadarajalingam $4.8 million to contribute to the sum Nadarajalingam was required to contribute to the development costs, and received a promissory note in return. When Zhao demanded payment, Nadarajalingam failed to pay. Zhao sought to claim Nadarajalingam’s shares in the development company as a result of the default. Nadarajalingam claimed that the note failed to accurately reflect the true agreement between the parties, and sued for rectification. He also alleged oppression. Zhao was entirely successful, with the Court rejecting Nadarajalingam’s rectification claim and agreeing that he had defaulted on the loan. Zhao was awarded full indemnity costs.