OUE Lippo Healthcare to receive S$800,000 from Crest entities in settlement agreement

Published Fri, Dec 17, 2021 · 07:18 PM

OUE Lippo Healthcare 5WA : 5WA 0% announced on Friday (Dec 17) that it has reached a "full and final" settlement agreement with funds owned by Crest Capital Asia.

Under the settlement, the Crest entities will pay OUE Lippo Healthcare S$800,000 in instalments with S$300,000 due within 3 working days of the execution of the settlement agreement. Another S$250,000 has to be paid by Feb 28, 2022 and the final S$250,000 by Apr 29, 2022.

In July 2020, the Singapore High Court had 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 aggregated sum of S$12.6 million.

Upon full and final payment of the settlement sum, there will be no other pending or outstanding claims between the company and the Crest entities, said OUE Lippo Healthcare.

Shares of OUE Lippo Healthcare ended Friday at 0.038, down S$0.001 or S$2.56.