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Photo = Yuanta Securities |
[Alpha Biz= Reporter Kim Sangjin] Yuanta Securities announced on November 28 that it has lost its legal battle with China's Anbang Insurance regarding the sale of shares in Dongyang Life Insurance. The Supreme Court rejected Yuanta's request for a retrial, confirming the loss, which includes a total of 1.503 trillion won, comprising the damages and delayed interest.
Earlier, Anbang Insurance had filed a lawsuit seeking 6.98 trillion won in damages from Yuanta Securities and three other entities involved in the sale of Dongyang Life shares. Anbang claimed that during the acquisition of Dongyang Life, the sellers, including Yuanta, had failed to properly disclose the risks of a meat collateral loan, which led to significant losses after the acquisition. However, Yuanta and the other defendants argued that the claimed damages were exaggerated and that some of Anbang's allegations were false, leading to prolonged legal disputes.
The case eventually went to the Hong Kong International Arbitration Centre (ICC), where a ruling was issued. Despite attempts to challenge the arbitration decision, the defendants have now had their appeals dismissed, finalizing the financial impact of the case.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
