Pihsiang Appeal Struck Out
DCC PLC
12 October 2004
Pihsiang Appeal Struck Out In London
The Court of Appeal in London has struck out the appeal, which had been made by
Pihsiang Machinery Manufacturing Company Limited, Donald Wu, its Chairman and
major shareholder, and Jenny Wu, his wife and Director (the Defendants), in
relation to the London High Court Judgment of 29 January 2004 in which the
Defendants were held jointly and severally liable for the payment to DCC's
British based subsidiary, DMA, of Stg£10.2 million in damages and interim costs
of Stg£2.0 million. Together with interest which is accruing at 8% per annum
(totalling approximately Stg£700,000 to date), the amount currently owing is
Stg£12.9 million (€18.7 million).
The case arose as a consequence of the breach by the Defendants of a long-term
product supply agreement with DMA. Full details of the successful claim by DMA
were set out in a DCC plc Stock Exchange Announcement on 29 January 2004. This
brings a successful end to the main legal proceedings in London and the High
Court has recently certified its judgment as final, and binding on and
enforceable against each of the three Defendants.
As a consequence of the failure to comply with the earlier High Court order to
make payment to DMA, Mr & Mrs Wu were ordered to present themselves in the High
Court on 7 October 2004 for examination as to their assets and the assets of
Pihsiang. They failed to appear and the High Court held that Mr & Mrs Wu were
guilty of contempt of court. In relation to Mr Wu the High Court has ordered
that he be committed to prison for 28 days and has issued a warrant for his
arrest.
Payment is still outstanding from the Defendants and DCC will now pursue
collection of all outstanding amounts, currently €18.7 million, jointly and
severally from Pihsiang, Donald Wu and Jenny Wu, by applying to the Taiwanese
courts for enforcement of the London High Court judgment in Taiwan.
This information is provided by RNS
The company news service from the London Stock Exchange
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