SINGAPORE - Singapore-listed Mary Chia Holdings' wholly owned subsidiary has been ordered to pay its erstwhile Japanese partner damages and costs over a joint venture gone sour, it said in an announcement on Thursday (July 13).
The award decision also ordered steps to be taken to liquidate MSB Beauty, the joint venture company formed between weight loss company Mary Chia Beauty & Slimming Specialist and Japan's Slim Beauty House.
Slim Beauty House had claimed about S$4.81 million when it began arbitration proceedings last August (2016).
Mary Chia Holdings said that it has been ordered to pay Slim Beauty House about S$315,400 in damages for the breach of joint venture agreement, as well as around S$269,000 as costs.
It added that it is reviewing the Singapore International Arbitration Centre's July 7 award decision and will take appropriate actions on legal advice to appeal.
The company previously said that it believed Slim Beauty House was not justified in the claim that Mary Chia Beauty & Slimming Specialist had breached the joint venture agreement.
MSB Beauty was incorporated in Singapore in April 2015, with Mary Chia Beauty & Slimming Specialist holding 51 per cent of the issued share capital and Slim Beauty House the rest.
The joint venture company was meant to focus on providing and distributing wellness services and consultations to Singapore consumers.
Mary Chia Holdings resumed trading on Friday morning, after calling for a trading halt before the market opened on Thursday.