19th Dec 2005 13:20
DCC PLC19 December 2005 DCC provisionally attaches Pihsiang assets in Taiwan On 29 November 2005, DCC announced that the Hsinchu District Court upheld thevalidity of the London High Court judgment of 29 January 2004 for enforcement inTaiwan against Pihsiang Machinery Manufacturing Company Limited, Donald Wu, itsChairman and major shareholder, and Jenny Wu, his wife who is a Director (the"Defendants"). The Defendants are jointly and severally liable to pay the DCC Group Stg£14.0million (€20.6 million) being the damages and interim costs awarded by the London High Court together with interest accrued to date of Stg£1.8 million. The Defendants are entitled to appeal the Hsinchu District Court judgment to the Taiwan High Court. DCC now announces that, in a separate action in the Hsinchu District Court,DCC's British based subsidiary, Days Medical Aids Limited, now named "DaysHealthcare", was granted a provisional attachment order to attach assets ownedby the Defendants for the amount due, approximately €20.6 million. Under thisorder some assets of Pihsiang were provisionally attached on 19 December 2005,comprising cash and inventories, and are now frozen and may be released onlywith the approval of the Court. Under Taiwanese law, a breach of the provisionalattachment order by any of the Defendants would be a criminal offence. Pihsiang Machinery Manufacturing Company Limited is a public company listed onthe Taiwan Stock Exchange with net assets at its most recent financial reportingdate of NTD2.69 billion (€67.5 million) and has a market capitalisation of approximately NTD8.7 billion (€218.0 million). The case arose as a consequence of the breach by the Defendants of a long-term product supply agreement with Days Healthcare. Full details of the successful action by Days Healthcare in the London High Court were set out in DCC's Stock Exchange Announcements on 29 January 2004 and 12 October 2004. For reference, please contact:Jim Flavin, Chief Executive/Deputy Chairman Fergal O'Dwyer, Chief Financial Officer Conor Murphy, Investor Relations Manager Tel: +353 1 2799 400Email: [email protected]: www.dcc.ie This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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