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Orange Sky Golden Harvest (01132.HK) Ordered to Pay Net Amount After Set-off of Claims; Reviewing Judgment
Orange Sky Golden Harvest (01132.HK) announced that the Court of First Instance of the High Court of Hong Kong has handed down its judgment in the litigation. The judgment provides...
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Orange Sky Golden Harvest (01132.HK) Ordered to Pay Net Amount After Set-off of Claims; Reviewing Judgment
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Orange Sky Golden Harvest (01132.HK)  +0.001 (+1.563%)   announced that the Court of First Instance of the High Court of Hong Kong has handed down its judgment in the litigation. The judgment provides that Juman is entitled, jointly and severally, to recover from Meishijiao and Nanhai USD37.4345 million, together with contractual interest calculated at a daily rate of 0.02% from July 26, 2018 to the date of judgment, as well as RMB3.01 million, together with interest calculated from April 20, 2018 to March 26, 2025 (being the date of payment) at the then HSBC prime rate plus 1%. Meishijiao is entitled, jointly and severally, to recover from Juman and Orange Sky Golden Harvest RMB295 million, together with interest calculated from October 11, 2018 to the date of judgment at the then HSBC prime rate plus 1%. After setting off the respective claims, Juman and Orange Sky Golden Harvest are ordered to pay Meishijiao the net amount as agreed between the parties, together with interest at the judgment rate until full settlement.

The Court further ordered Juman and Meishijiao to execute joint instructions to release an appropriate amount to Meishijiao from the joint account after the aforesaid set-off.

Meishijiaos counterclaim for damages based on alleged breaches of warranties, representations and undertakings under the sale and purchase agreement has been dismissed. The Court has directed the parties to file submissions in relation to costs to be further assessed by the Court.

The Company is reviewing the judgment and seeking legal advice on its options, including but not limited to lodging an appeal. (sl/j)(HK stocks quote is delayed for at least 15 mins.)

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