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12/17/2021
YFH announces Yuanta Securities (Korea)'s receipt of court ruling of Anbang's recognition 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 Central District Court
  3. Reference/Case number of relevant documents of the legal matter: 2021KAGI449
  4. Date of occurrence of the event: 2021/12/17
  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 today recognizing such arbitral award. Anbang is entitled to file an enforcement for around KRW 131.8 billion based on its application and subsequent interests payable.
  6. Handling procedure: Yuanta Securities (Korea) received Seoul Central District Court's ruling today recognizing such arbitration award.
  7. Impact on the Company’s finance and business and projected amount: Yuanta Securities (Korea) has, based on its pro rata amount of consideration of the sale of Tong Yang Life Insurance's shares, recognized relevant provision liabilities. Yuanta Securities (Korea) will consult with attorneys and determine whether to adjust relevant provision liabilities. However, the actual indemnification amount of Yuanta Securities (Korea) will be subject to the amount Anbang applies for enforcement and the progress of subsequent appeal procedures.
  8. Countermeasures and improvement status: Yuanta Securities (Korea) will file an appeal on December 18, 2021 and discuss other possible actions and remedies with attorneys.
  9. Any other matters that need to be specified: The result of arbitral award has been announced by the Company on August 24, 2020.