29th Nov 2005 07:08
DCC PLC29 November 2005 DCC wins against Pihsiang in Taiwan District Court DCC is pleased to announce that it has been successful in the Hsinchu DistrictCourt in Taiwan in its enforcement proceedings against Pihsiang MachineryManufacturing Company Limited, Donald Wu, its Chairman and major shareholder,and Jenny Wu, his wife who is a Director (the "Defendants"), arising out of theLondon High Court judgment of 29 January 2004. In that judgment, the Defendantswere ordered to pay Days Medical Aids Limited, now named "Days Healthcare",DCC's British based subsidiary, damages of Stg£10.2 million and interim costs ofStg£2.0 million together with interest to accrue at 8% per annum. In its judgment, the Hsinchu District Court ordered that the above London High Court judgment be enforced in Taiwan. Accordingly, Pihsiang Machinery Manufacturing Company Limited, Donald Wu, its Chairman and major shareholder, and Jenny Wu, his wife who is a Director, are jointly and severally liable to pay the DCC Group Stg£14.0 million (€20.5 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 lodge an appeal against this judgment to the Taiwan High Court. Pihsiang Machinery Manufacturing Company Limited is a public company listed onthe Taiwan Stock Exchange with net assets at its most recent financial reportingdate of New Taiwan Dollar ("NTD") 2.69 billion (€68.5 million) and has a marketcapitalisation of approximately NTD8.4 billion (€214.0 million). The case arose as a consequence of the breach by the Defendants of a long-termproduct supply agreement with Days Healthcare. Full details of the successfulclaim by Days Healthcare were set out in DCC's Stock Exchange Announcements on29 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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