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OUE Lippo Healthcare gains court OK to continue suit against Crest funds
OUE Lippo Healthcare said on Thursday night that its legal attempt to avoid the sale of a unit will continue after the High Court dismissed an attempt to block the suit.
The healthcare property subsidiary of OUE also announced that the Court of Appeal will hear an appeal from entities related to Crest Capital Asia against a High Court decision that avoided certain claims by the Crest entities on OUE Lippo Healthcare. The appeal hearings will take place between Aug 5 and Aug 23 next year. OUE Lippo Healthcare said earlier this year that the High Court had declared that a standby facility and its related contracts and transactions were avoided and that OUE Lippo Healthcare owed no contractual liability or obligation to Crest.
The disputes stem from 2016, when fund manager Crest Capital appointed receivers over the shares of three subsidiaries of OUE Lippo Healthcare, which was then called International Healthway Corp, after sending them notices of default.
In 2017, OUE Lippo Healthcare filed a suit against the Crest entities and the receivers, seeking to avoid the receivers' sale of IHC Medical Re to the Crest entities on the basis of bad faith. The Crest entities in September this year applied to the Court to strike out OUE Lippo Healthcare's suit. On Dec 24, the Court dismissed that striking out application, allowing OUE Lippo Healthcare's suit to continue.