OUE Lippo Healthcare receives letter of demand for S$10.7m

Published Thu, Apr 8, 2021 · 10:46 AM

OUE Lippo Healthcare (OUELH) has received a letter of demand dated April 5 for S$10.7 million from Value Monetization III (VM III), according to a bourse filing on Wednesday.

VM III alleges it had paid OUELH the sum in the S$13.1 million judgment debt OUELH had received. The S$13.1 million was paid to discharge the joint and several liability of Crest Capital Asia, Crest Catalyst Equity, The Enterprise Fund III, VMF3 and VM III to OUELH.

Previously, the Singapore High Court issued a favourable judgement for the company in respect of a suit, and held that the Crest entities are jointly and severally liable for an aggregate sum of S$12.6 million.

OUELH announced on Sept 25, 2020 that it had received a total of nearly S$13.1 million from the Crest entities, comprising the judgment debt of S$12.6 million plus interest and costs.

On March 30, OUELH announced that the Court of Appeal held that VMF3 and VM III should not be liable for damages and costs to OUELH.

OUELH has been advised that the letter of demand from VM III is without merit and the company is working with its legal counsel to refute VM III's demand, the company said in its bourse filing.