IHH Healthcare files to dismiss suit

IHH Healthcare has filed to dismiss a suit brought against it by Emqore Envesecure Private Capital (Emqore) in an regulatory announcement on Friday (Jan 28).

The suit served to IHH Healthcare on Jul 26, 2021 by Emqore, sought damages in excess of US$6.5 billion for claims relating to the issuance of shares of Fortis Healthcare to IHH's subsidiary in 2018. Emqore alleges that it has suffered losses as the defendants had allegedly conspired to frustrate a proposed share acquisition transaction between Fortis Healthcare and Emqore's supposed predecessors.

The company was 1 of 28 named defendants in the suit. IHH Healthcare has filed a motion to dismiss the suit for lack of personal jurisdiction and failure to state a claim under the Federal Rules of Civil Procedure.

IHH Healthcare will make further announcements as and when material developments occur with the matter. Shares of IHH Healthcare closed up S$0.02 or 1 per cent at S$2.06.