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Mary Chia Holdings faces arbitration over former partner's S$4.81m claim
MARY Chia Holdings has received a notice of arbitration and a claim for S$4.81 million, excluding interest and costs, from its previous partner in a soured joint venture (JV), the beauty services company announced on Wednesday before the market opened.
The dispute stems from an agreement announced in April 2015 for a Mary Chia subsidiary and Japan-incorporated Slim Beauty House Co to set up a beauty and slimming service centre and to provide and distribute wellness-related services and consultations in Singapore.
Slim Beauty House notified Mary Chia in May 2016 that it was terminating the JV, and that it planned to commence arbitration against Mary Chia for S$5.4 million over alleged breaches of the JV agreement.
In Wednesday's announcement, Mary Chia said it held the view that the termination of the JV was not justified, and that Slim Beauty House's claims have no merit. Mary Chia has appointed a legal adviser for the arbitration proceedings.