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Arbitration centre orders award of S$584,000 by Mary Chia unit to Japan firm
LIFESTYLE and wellness service provider Mary Chia Holdings said on Thursday its subsidiary, Mary Chia Beauty & Slimming Specialist (MCBSS), has been ordered by the Singapore International Arbitration Centre (SIAC) to pay Slim Beauty House Co (SBH) damages of over S$315,400.
In a filing to Singapore Exchange, the group said the damages were for expectation loss arising out of MCBSS's breach of a joint-venture (JV) agreement.
SIAC also awarded another S$268,600 as costs to SBH.
Both parties of the arbitration proceedings were ordered to liquidate the JV company, MSB-Beauty Pte Ltd.
In particular, MCBSS is to bear all liquidation expenses incurred, among other conditions.
Mary Chia said it is currently reviewing the SIAC decisions and "will take appropriate action(s) on the advice of its legal advisors to appeal".
MCBSS and SBH, a company incorporated in Japan, had partnered together initially to set up a beauty and slimming service centre to provide and distribute wellness-related services and consultations in Singapore.
Then in August last year, SBH initiated arbitration proceedings against MCBSS following disputes between the two parties. SBH had wanted to claim S$4.81 million in damages.