OUELH receives S$249,000 from judgments

OUE Lippo Healthcare (OUELH) has received about S$249,000 in costs and disbursements from its legal proceedings involving funds owned by Crest Capital Asia and OUELH's former executive director Lim Beng Choo.

In a bourse filing on Friday night, it also provided updates on other legal proceedings, including some involving David Lin Kao Kun.

OUELH has received S$80,000 from Crest Capital Asia, Crest Catalyst Equity and The Enterprise Fund III as payment of costs and disbursements in a lawsuit that was ruled in OUELH's favour.

Another S$50,000 was received from Ms Lim's solicitors as payment of costs and disbursements to OUELH, after her appeal against part of the High Court's decision regarding her breaches of duty and liabilities was dismissed.

A payment of S$119,077.54 was received from her solicitors pursuant to a letter of undertaking they issued in favour of OUELH to make payment of costs and disbursements after the final disposal of her appeal against the lawsuit.

OUELH also updated that Value Monetization III (VMIII), which previously sent a letter of demand for the return of S$10.7 million, has written to the Court of Appeal to request that consequential orders be made for the return of the sum. OUELH has responded to the Court of Appeal with its objection to the request.

Separately, OUELH has been informed that the receivers of a Hong Kong private company called Healthcare Solution Investment Limited (HSIL) have prevailed in the appellate proceedings in a dispute with Mr Lin.

Mr Lin holds 40,000 shares in HSIL, which is the sole shareholder of Weixin Hospital Investment Management (Shanghai). He appealed against the decision of the Shanghai Pudong Court which ordered Chiang Hui-Hua, Weixin's former executive director and general manager, to return the company's business licences and company stamps to Weixin.

The Appellate Court has dismissed Mr Lin's appeal against the Shanghai Pudong Court's decision, and the receivers of HSIL successfully applied to the court for an enforcement order.

Wuxi Yilin Health, an OUELH subsidiary, has applied to withdraw its appeal against a decision by the Wuxi Intermediate Court that dismissed its claims against Mr Lin for breach of fiduciary duties to the subsidiary. The court documents for the appeal were not successfully served on Mr Lin, and Wuxi Yilin Health decided to withdraw the appeal on the advice of its counsel in China. It is now waiting for the Jiangsu Higher Court to accept the withdrawal application.

OUELH shares closed flat at S$0.041 on Friday.