Chan Huap's Subsidiary Loses Legal Battle

MT Newswires10-17

According to a filing with the Singapore Exchange on Wednesday, Chan Huap's (SGX:C33) wholly-owned subsidiary, CH Biovest, saw the Court of Appeal in Singapore dismiss its appeal regarding a litigation case.

The company has now been ordered the costs of the appeal to be fixed at SG$60,000, payable to the claimants, envy asset.

In an earlier filing, the company was found liable to pay SG$2.3 million to Envy Asset, plus interest.

The suit was filed against Biovest in relation to profits paid out by Envy Asset in 2019 and 2020. Envy Asset paid Bioinvest around SG$2.3 million in order to put the assets beyond the reach of Envy Asset's creditors.

A Singaporean high court found Bioinvest is liable to pay the amount plus interest payable from Dec. 26, 2022, the date of the first demand of repayment.

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