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OUE Lippo Healthcare obtains final arbitration award against individual David Lin
OUE Lippo Healthcare Limited announced after trading hours on Thursday that it has successfully obtained a final arbitration award against individual David Lin Kao Kun in Singapore.
The tribunal ordered Mr Lin to pay the aggregate sum of 58.8 million yuan, US$32.8 million and S$842,822.66 to the company, as well as interest at the rate of 5.33 per cent per annum from the date of award to the date of full payment.
In the proceedings, the company had succeeded in claims under a share purchase agreement, relating to the entrusted loan agreement granted to Wuxi New District Phoenix Hospital Co, profit guarantee given by Mr Lin in favour of OUE Lippo Healthcare, and Mr Lin's breaches of his warranties relating to the financial statements of Health Kind International (Shanghai) Limited and its ownership of Wuxi Co.
To facilitate enforcement of the award against Mr Lin's assets in Hong Kong, OUE Lippo Healthcare has obtained leave from the Hong Kong High Court to enforce the award as a Hong Kong judgment. The Hong Kong High Court has also granted an interim Mareva Injunction against Mr Lin on Jan 15, 2019 to restrain him from dealing with his assets in Hong Kong up to the amount the tribunal had ordered him to pay.
The company said that it will make further announcements as and when there are any material developments in the enforcement proceedings against Mr Lin.