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OUE Lippo Healthcare to appeal judgment by Shanghai courts on Weixin claim
OUE Lippo Healthcare announced after trading hours that the Shanghai courts had rendered a first instance judgment in favour of Weixin Hospital Investment Management (Shanghai) Co regarding a previous claim.
The claim by Weixin was earlier announced by OUE Lippo Healthcare on Feb 22, 2017. The proceedings brought by Weixin, which is a company controlled by David Lin Kao Kun, were against OUE Lippo Healthcare's subsidiaries Shanghai Yi Lin Medical Management Consulting Co and Wuxi New District Phoenix Hospital Co before the Shanghai courts.
In these proceedings, Weixin had sought an order for Shanghai Yilin to transfer the shares in Wuxi Co to Weixin. Among other things, Weixin alleged that this was to give effect to an alleged share transfer agreement between Shanghai Yi Lin and Weixin, as well as an alleged commitment letter provided by the then-shareholder and legal representative of Shanghai Yi Lin which purportedly recognised Mr Lin as the beneficial investor for Wuxi Co and Shanghai Yi Lin.
OUE Lippo Healthcare was notified on Wednesday by its PRC Counsel that the Shanghai courts had rendered a first instance judgment in favour of Weixin on or around Dec 13, 2017.
The company has given instructions to its PRC Counsel to "file and vigorously prosecute the appeal".
It will make further announcements to shareholders when there are material developments in the proceedings.