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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.