OUE subsidiary ordered to pay $1.23m after losing lawsuit

The company is moving to appeal the court decision.

A ruling from the Intermediate People’s Court of Wuxi City, Jiangsu Province was passed in favor of individual claimant David Lin who filed a suit against OUE Lippo Healthcare’s downstream Chinese subsidiary, Wuxi New District Phoenix Hospital Co. Ltd., ordering the hospital to pay $1.23m (RMB6m) to Lin.

According to OUE’s press release, Lin claims that he granted Wuxi a loan on March 2012 and is expecting due compensation of the outstanding balance including default interest under an entrusted loan arrangement.

Lin had filed a suit on August against Wuxi and another Chinese OUE subsidiary, Shanghai Yilin Medical Management Consulting before the Shanghai Pudong New District Courts.

Lin similarly claims that he injected capital into Shanghai Yilin in exchange for a 71% stake.

OUE adds that they are moving to appeal the case.

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