US fund claims $ 6.5 billion in damages in lawsuit against Malaysia’s IHH – PharmaLive


US fund claims $ 6.5 billion in damages in lawsuit against IHH in Malaysia

KUALA LUMPUR, Jan.5 (Reuters) – Malaysian healthcare group IHH Healthcare Berhad (IHHH.KL) Emqore Envesecure Private Capital Trust said Wednesday, claiming more than $ 6.5 billion in damages and more than two dozen named defendants in a lawsuit.

The IHH said in a stock exchange filing that the US fund Emqore’s claim – in a lawsuit amendment filed in 2020 – concerned the issuance of shares of Fortis Healthcare Ltd to the IHH subsidiary in 2018.

IHH, the largest private healthcare group in Asia, took control of Fortis Healthcare in India that year, after a multi-month competitive bidding process with national and international firms.

Emqore seeks “damages in excess of $ 6.5 billion, including compensatory damages plus treble damages and attorney fees in accordance with US Racketeers, Influencers and Corrupt Organizations Act” .

The logo of IHH Healthcare Berhad (IHH) is visible on the Singapore Stock Exchange prior to its listing on July 25, 2012. REUTERS / Tim Chong

“Emqore widely alleges that he allegedly suffered losses as the defendants allegedly conspired to defeat a proposed share purchase transaction between Fortis and Emqore’s alleged predecessors,” IHH said.

The group said it was not possible to determine IHH’s estimated potential liability resulting from the lawsuit, as it involved 28 named defendants and 20 non-party defendants.

“However… the lawsuit is not expected to have any commercial, operational or financial impact on the IHH, as the IHH believes it has strong grounds for rejecting the lawsuit,” he said.

The IHH said it intends to file a motion to dismiss Emqore’s amended complaint and vigorously defend itself against the claims.

Reporting by Liz Lee; Editing by Emelia Sithole-Matarise

Our standards: Thomson Reuters Trust Principles.

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