Lin was ordered to pay $32.84m to the company with a 5.33% per annum interest.
OUE Lippo Healthcare (OUELH) has obtained a final arbitration award against David Lin in the arbitration proceedings before the Singapore International Arbitration Centre, an announcement revealed.
The tribunal ordered Lin to pay the aggregate sum of $32.84m, RMB58.84m and S$842,822.66 to the company, as well as interest on the aforesaid sums at a rate of 5.33% per annum from the date of the award to the date of full payment.
OUELH succeeded in its claims under share purchase agreement relating to the entrusted loan agreement granted to Wuxi New District Phoenix Hospital, the profit guarantee given by Lin in favour of OUELH and Lin’s breaches of his warranties relating to the financial statements of Health Kind International and its ownership of Wuxi.
“To facilitate enforcement of the award against David Lin’s assets in Hong Kong, the company has obtained leave from the Hong Kong High Court to enforce the award as a Hong Kong judgment,” OUELH stated. “The Hong Kong High Court has also granted an interim Mareva Injunction against Lin on 15 January to restrain him from dealing with his assets in Hong Kong.”
OUELH said it would make further announcements when there are any material developments in the enforcements proceedings against Lin.
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