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05/26/2023
YFH announces on behalf of YSK regarding its receipt of Seoul High Court ruling of Anbang's recogni-tion and enforcement application of the arbitral award
     
  1. Parties to the legal matter:
    Applicants: Anbang Group Holdings Co. Ltd. and Anbang Life Insurance Co. Ltd. (currently Dajia Life Insurance Co. Ltd.) (together, ”Anbang”)
    Respondents: Yuanta Securities (Korea) and other 4 selling shareholders of Tong Yang Life Insurance
  2. Name of the court or punishing agency of the legal matter: Seoul High Court
  3. Reference/Case number of relevant documents of the legal matter: 2022RA20034
  4. Date of occurrence of the event: 2023/05/26
  5. Details of occurrence (including the matter under dispute): With respect to Anbang's recognition and enforcement application of the arbitral award issued by International Court of Arbitration of International Chamber of Commerce against Yuanta Securities (Korea) and other 4 selling shareholders, Yuanta Securities (Korea) received a ruling from Seoul Central District Court recognizing such arbitral award on 2021/12/17. Pursuant to such ruling, Anbang is entitled to file an enforcement for around KRW 131.8 billion based on its application and subsequent interests payable. Yuanta Securities (Korea) filed an appeal on 2021/12/18, the appeal was then reviewed by Seoul High Court.
  6. Handling procedure: Yuanta Securities (Korea) received Seoul High Court's ruling today recognizing such arbitration award. Anbang is entitled to file an enforcement for around KRW 127.4 billion, arbitration fees for around KRW 22.9 billion and subsequent interests payable.
  7. Impact on the Company’s finance and business and projected amount: Yuanta Securities (Korea) has recognized relevant provision liabilities and will assess whether to make adjustments according to the ruling. However, the actual indemnification amount of Yuanta Securities (Korea) will be subject to the amount Anbang applies for enforcement and the progress of subsequent legal procedures.
  8. Countermeasures and improvement status: Yuanta Securities (Korea) will file an appeal today against Seoul High Court’s ruling and discuss other possible actions and remedies with attorneys.
  9. Any other matters that need to be specified (the information disclosure   also meets the requirements of Article 7, subparagraph 2 of the Securities   and Exchange Act Enforcement Rules, which brings forth a significant impact   on shareholders rights or the price of the securities on public companies.): N/A