PETALING JAYA: US fund Emqore Envesecure Private Capital Trust is seeking, among others, damages in excess of US$6.5 billion (RM27 billion) comprising compensatory damages plus treble damages and attorneys’ fees, pursuant to the US Racketeer, Influenced and Corrupt Organizations Act, against 28 named defendants and 20 non-party defendants, including IHH Healthcare Bhd.
“Emqore’s claim against IHH essentially arises from and/or relates to allegations relating to the issuance of the shares of Fortis Healthcare Ltd to IHH’s subsidiary in or around 2018. Emqore broadly alleges that it has purportedly suffered losses as the defendants had allegedly conspired to frustrate a proposed share acquisition transaction between Fortis and Emqore’s supposed predecessors,“ IHH said in a stock exchange filing today.
At this juncture, IHH said it is not possible to determine the estimated potential liability to IHH arising from the suit, as the suit involves 28 named defendants and 20 non-party defendants.
“However, the suit is not expected to have any business, operational or financial impact on IHH, as IHH believes that it has strong grounds for dismissal of the suit.”
IHH is of the view that it has strong grounds for seeking dismissal of Emqore’s claims and intends to file a motion to dismiss Emqore’s Amended Complaint on three principal grounds, namely, lack of personal jurisdiction, forum non conveniens, and failure to state a claim for relief. IHH said it intends to defend vigorously against the claims.
It said Emqore filed the suit against IHH and the others on June 16, 2020. IHH was served on July 26, 2021 with Emqore’s original complaint and Emqore’s motion to amend its original complaint. The motion to amend was pending adjudication before the US District Court until Dec 3, 2021 when Emqore’s amended complaint was filed at the US District Court.