DCC attaches Pihsiang assets
DCC PLC
19 December 2005
DCC provisionally attaches Pihsiang assets in Taiwan
On 29 November 2005, DCC announced that the Hsinchu District Court upheld the
validity of the London High Court judgment of 29 January 2004 for enforcement in
Taiwan against Pihsiang Machinery Manufacturing Company Limited, Donald Wu, its
Chairman and major shareholder, and Jenny Wu, his wife who is a Director (the
'Defendants').
The Defendants are jointly and severally liable to pay the DCC Group Stg£14.0
million (€20.6 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 appeal the Hsinchu District Court judgment to the
Taiwan High Court.
DCC now announces that, in a separate action in the Hsinchu District Court,
DCC's British based subsidiary, Days Medical Aids Limited, now named 'Days
Healthcare', was granted a provisional attachment order to attach assets owned
by the Defendants for the amount due, approximately €20.6 million. Under this
order some assets of Pihsiang were provisionally attached on 19 December 2005,
comprising cash and inventories, and are now frozen and may be released only
with the approval of the Court. Under Taiwanese law, a breach of the provisional
attachment order by any of the Defendants would be a criminal offence.
Pihsiang Machinery Manufacturing Company Limited is a public company listed on
the Taiwan Stock Exchange with net assets at its most recent financial reporting
date of NTD2.69 billion (€67.5 million) and has a market capitalisation of
approximately NTD8.7 billion (€218.0 million). The case arose as a consequence
of the breach by the Defendants of a long-term product supply agreement with
Days Healthcare. Full details of the successful action by Days Healthcare in the
London High Court were set out in DCC's Stock Exchange Announcements on 29
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 400
Email: investorrelations@dcc.ie
Web: www.dcc.ie
This information is provided by RNS
The company news service from the London Stock Exchange
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