The Singapore High Court has ruled in favor of Vibrant Group (SGX:BIP) in its lawsuit against Peng Yuguo and Tong Chi Ho James, finding them liable for deceit in the Blackgold Group acquisition, according to a filing with the Singapore Exchange on Monday.
The court awarded Vibrant Group AU$37.6 million for the acquisition, plus interest of 5.33% commencing from July 2017, along with additional damages for legal fees, audit costs, and travel expenses.
Both defendants are jointly and severally liable for the payments. Cost submissions are due within 21 days.
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